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The American Numismatic Sourcebook

Numismatics in the News:
Gleanings from Contemporary Newspapers

DRAFT
August, 1995

Wayne K. Homren

The American Numismatic Sourcebook

Numismatics in the News:
Gleanings from Contemporary Newspapers

DRAFT
August, 1995

Wayne K. Homren

eel

COPY NUMBER | 6 OF AN EDITION OF

DEAR REVIEWERS:

Thank you for offering to review this draft. The book is still in the early stages, and I
would like very much to hear from each of you what you think of the contents so far, and what
suggestions you have for future improvements.

First, I realize that this collection of articles is haphazard at best. I made no organized
effort to gather articles on specific subjects or time periods - I simply assembled the various
materials that I've come across so far. Many of the newspapers are in my personal collection:
other articles, particularly in the Civil War era, were taken from photocopies or microfilm.

Most of the articles represent contemporary news accounts of current coins and
collectors. I've avoided "feature articles" relating to the history of coinage, although I have
decided to include a couple such articles relating to the U.S. Mint.

None of the articles is yet annotated. I hope to write or collect interesting annotations for
each article by the time the book is published. I also hope to illustrate each article with an
appropriate photo.

I would be very grateful for any numismatic insights you may have regarding the articles.
Each of you is far more versed than myself in your respective areas of specialization. Please let
me know the significance of the articles I have, and tell me if you're aware of other articles which
deserve to be included. All contributions will be gratefully acknowledged in the book (Pete
Smith, Dave Bowers, and newspaper dealer Phil Barber have already contributed articles).

Thank you again for your time. I'll look forward to hearing from you soon.

SINCERELY,
CJanyr K. Honno

Wayne K, Homren
August 14, 1995

PREFACE

Many interesting stories relating to American numismatics may be found in the pages
of the newspapers of the day. This volume presents reprints of many contemporary
articles, editorials, and advertisements relating to the coins, medals, tokens, and paper
money of the United States. Each item is accompanied by an explanation of its
significance to numismatists and historians. Where possible, references to numismatic
books are provided.

This is not intended to be a complete record of all numismatic references in
contemporary newspapers. Such a work would fill many volumes. Rather, the author
has attempted to present a broad sample of gleanings which may prove of interest to
fellow collectors.

If you are aware of any additional articles which may be of interest please contact the

author at the following address:

Wayne K. Homren
1810 Antietam Street
Pittsburgh, PA 15206

homren@cgi.com

DATE:
TOWN:

October. 1786
London, England

SOURCE: Gentleman's Magazine

NOVA CONSTELLATIO

Mr. Urban: et. 17,

Observing in your last Magazinea representation of a
copper, the coin of the renowned Protector, I beg
leave to transmit to the public, through the same very
entertaining channel, a description of a halfpenny
lately struck by the United States of America, which,
although of a late date, I presume, be thought no less
curious, being the first of the kind I have seen in this
kingdom. Considering the principles that actuated the
revolt of the English colonies in America, and that
which brought about the protectorship in place of a
royal government, the representations of the two coins
would have been proper companions, had they met on
the same plate, but should you favour my halfpenny
with a place in your next, I shall esteem it no less
fortunate to find them both in the same volume of your
repository.

On one side, encircled within a wreath of
LAUREL, exceedingly wel lexecuted, are the letters U
S in cypher, surrounded with an_ inscription,
LIBERTAS ET JUSTINIA, date, 1785. On the
reverse, in the center, is a CONSTELLATION, from
which issue THIRTEEN illuminated RAYS, and
between each ray is a small STAR, expressive of the
THIRTEEN UNITED STATES; round these rays and
the stars is the following inscription, NOVA
CONSELLATIO. The new American half-penny is in
weight as three to two of the English coin.

The United States, as appears by the
inscription on the front of their coin, have erected the
standard of liberty and justice. But, from what we have

lately heard concerning American politics, I fear, are
known only by name throughout that vast, and once
flourishing, continent.

Yours, & W.B.

P.S. It is a little remarkable that, contrary to
antiquarian principles, and the practi\ce of all other
states and kingdoms, the have adopted the vowel in
preference to the consonant.

DATE: November 15, 1786
TOWN:
SOURCE: The Centinel

THE ORDINANCE
OF CONGRESS

THE ordinance of Congress for the establishment of
a mint for the United States, was this day read in the
Assembly. Had this measure been adopted at an
earlier day, immediately after the war, importation had
so effectually drained this country of its specie, it
would have been more honorable, more profitable, and
more useful. However, agreeably to the old adage, it
is better late than never. And so far as respects the
coinage of copper, it is both salutary and indispensably
necessary. The superabundance of base coppers,
which are sent over here by the Birmingham and other
coiners in England and Ireland, besides being a
disgrace to the policy of the different states, are a real
injury, as they command away the products of the
country as effectually as the best Johannes, guineas, or
dollars, received from Portugal, Britain or Spain.

DATE: December. 1786
TOWN: _ London, England
SOURCE: Gentleman's Magazine

NOVA
CONSTELLATIO

Mr. Urban: Nov. 30,

In the description of the American half-penny, p 868,
no notice is taken of the central object, which in the
plate has the resemblance of an eye. Might not the
artist design to insinuate, that this new constellation of
thirteen stars was formed by Providence?

| W.&D.

DATE: August 16, 1787
TOWN: New Haven, Connecticut
SOURCE: The New-Haven Gazette

COPPER COINAGE
STAMP

On the 16th ultimo Congress resolved, That the
Board of Treasury direct the Contractor for the
Copper Coinage to stamp on one side of each piece
the following device, viz. Thirteen circles linked
together, a small circle in the middle, with the words
"United States,’ and, in the center, the words, 'We are
one.'--On the other side of the same piece, the
following devices, viz a dial with the hours expressed
on the face of it; a meridian just above; one side of
which is to be the word, 'Fugio,' and , on the other, the
year in figure, ' 1787;' below the dial, the words, 'Mind
your business.'

DATE: November 6, 1787
TOWN: Boston, MA
SOURCE: Salem Mercury

COPPER COIN
CIRCULATION

We are informed, on authority not to be doubted ;
that the copper coin of this Commonwealth, struck by
order of General Court, will in a very few days, be in
circulation, when, after that time, the coinage of any
other State, with the base metal imported from
Birmingham, will not be a currency among us.

DATE: February, 1788
TOWN: London, England
SOURCE: Gentleman's Magazine

NOVA CAESAREA

Mr. Urban: Feb. 2.,

Fig 6, in your Supplement plate, is a coin of NEW
JERSEY, one of the thirteen American states.
Caesarea is the name of the island J ersey, and is here
applied to the new colony, whose badge is the horse's
head and plough: e pluribus unum, on the reverse,
refers to the confederacy marked by the 13 stripes in
the field.

DATE: June, 1790
TOWN: London, England
SOURCE: Gentleman's Magazine

VALUE OF AMERICAN
COINS

Value of the Federal American coins:
Ten mills make one cent

Ten cents one dime

Ten dimes one dollar

Ten dollars _ one eagle

The dollar is equal to the Spanish dollar.

DATE: June 1792
TOWN:
SOURCE: The American Museum

Line occasioned by a debate in the House of
Representatives of the United States, on the subject of
having the likens of the president impressed upon the
federal wins. Written by a member of congress from
one of the southern states.

CAN wits or serious sages say,
Why congress should refuse that head
A place upon their coin this day,
O'er which the world hath laurels spread?

Yes; Liberty, celestial maid,

By whom /ts right to crown was given,
The eager hands of congress said;

And claim'd that place, as sent by heav'n.

"Shall WASHINGTON, my fav'rite child,

"Be rank'd 'mongst haughty kings?" she cry'd;
"Of manners pure, affections mild,

"For wild Ambition be decry'd?

"Or shall each vile successor share
"That honour which you think his due?
"Or, granting this were right, who dare
"This path of monarchies pursue?

"Because a sycophantic race
"Worship'd in ev'ry form their kings;

"And on their coins, to their disgrace,
"Plac'd them is wise or silly things:

"Because (For this you have been told)

"Their lands, their lives were not their own,
"Of course their silver and their gold

"Were his who sat upon their throne--

"Shall sons of this enlighten'd land,
"Neglecting thus their sacred right,

"As if not yet they understand
"Why heaven has favour'd them in fight,

"Thus madly mimic thoughtless tools?
"Let busts, let monuments arise
"To Washington I not like those fools

"On coins he'll slay; I'll bear him 'bove the skies,

"My image place upon each piece;
"His and his virtues in your breast:
"There you'll excel e'en Rome and Greece:
"By all my fav'rite sons carest."

Philadelphia, March 26

DATE: November 26, 1794
TOWN: Bolton, MA
SOURCE: Columbian Centinel

U.S. COINAGE

Some of the Do//ars now coining at the mint of the
United States, have found their way to this town. A
correspondent put one into the Editor's hands
yesterday. Its weight is equal to that of a Spanish
dollar, but the metal appears finer. One side bears a
Head, with flowing tresses, encircled by Fifteen Stars,
and has the word "LIBERTY" at the top, and the date,
1794, at the bottom. On the reverse, is the Bald
Eagle, enclosed in an Olive Branch, round which are
the words "United States of America." The exergue
is well milled, indented in which are the words "One
Dollar, or unit." "Hundred Cents." The tont ensemble
has a pleasing effect to a connoifenr; but the touches
of the graver are too delicate, and there is a want of
that boldness of execution which is necessary to
durability, and currency. They will be improved upon.

DATE: April 1, 1795
TOWN: New York
SOURCE: The Herald

REGULATING
U.S. COINS

An ACT supplementary to the act, entitled "An act
establishing a mint, and regulating the coins of the
United States."

Sec. 1. BE it enacted by the Senate and House of
Representatives of the United States of America in
Congress assembled, and it is hereby enacted and
declared, That for the better conducting of business
of the mint of the United States there shall be an
additional officer appointed therein by the name of the
melter and refiner, whole duty shall be to take charge
of all copper, and silver or gold bullion delivered out
by the treasurer of the mint after it has been assayed,
agreeably to the rules and customs of the mint already
directed and established or which may hereafter be
directed and established by the accounting officers of
the treasury, and to reduce the same into bars or
ingots fit for the rolling mills, and then to deliver them
to the coiner or treasurer, as the director shall judge
expedient; and to do and perform all other duties
belonging to the office of a melter and refiner, or
which shall be ordered by the director of the mint.

Sec. 2. And be it further enacted, That the melter
and refiner of the said mint, shall before he enters upon
the execution of his said office, take an oath or
affirmation before some Judge of the United States,
faithfully and diligently to perform the duties thereof.
And also shall become bound to the United States of
America, with one or more sureties to the satisfaction
of the Secretary of the Treasury, in the sum of six
thousand dollars, with condition for the faithful and

diligent performance of the several duties of his office.

Sec. 3. And best further enacted, That there shall
be allowed and paid to the said melter and refiner of
the mint, as a compensation for his services, the yearly
salary of fifteen hundred dollars.

Sec. 4. And be is further enacted, That the director
of the mint be, and hereby is authorized, with the
approbation of the President of the United States, to
employ such person as he may judge suitable to
discharge the duties of the melter and refiner, until a
melter and refiner shall be appointed by the President,
by and with the advice of the Senate.

Sec. 5. And be it further enacted, That the treasure
of the mint shall, and he is hereby directed, to retain
two cents per ounce from every deposit of silver
bullion, below the standard of the United States, which
hereafter shall be made for the purpose of refining and
coining; and four cents per ounce from every deposit
of gold bullion made as aforesaid, below the standard
of the United States, unless the same shall be so far
below the standard as to require the operation of the
test, in which case, the treasurer shall retain six cents
per ounce, which sum so retained shall be accounted
for by the said treasurer with the treasury of the
United States as compensation for melting and refining
the same.

Sec. 6. And be it further enacted, That the treasurer
of the mint shall not be obliged to received from any
person, for the purpose of refining and coining, any
deposit of silver bullion, below the standard of the
United States, in a smaller quantity than two hundred
ounces.

Sec. 7. And be it further enacted, That from, and
after the passing of the act, it shall and may be lawful
for the officers of the mint to give a preference to
silver or gold bullion, deposited for coinage, which
shall be of the standard of the United States, so far as
respects the coinage of the same, although bullion

below the standard, and not yet refined, may have
been deposited for coinage, previous thereto, any law
to the contrary not withstanding - Provided, That
nothing herein shall justify the officers of the mint, or
any one of them, in unnecessarily delaying the refining
any silver or gold bullion below standard, that my be
deposited as aforesaid.

Sec. 8. And be it further enacted, That the
President of the United States be, and he is hereby
authorized, whenever he shall think it for the benefit of
the United States to reduce the weight of the copper
coin of the United States: Provided, such reduction
shall not, in the whole, exceed two penny weights in
each cent, and in the like proportion in a half cent: of
which he shall give notice by proclamation, and
communicate the same to the then next session of
Congress.

Sec. 9. And be it further enacted, That it shall be
the duty of the treasurer of the United States, from
time to time, as often as he shall receive copper cents
and half cents from the treasurer of the mint, to send
them to the bank or branch banks of the United States,
in each of the states where such bank is established:
and where there is no bank established, then to the
collector of the principal town in such state (in the
proportion of the number of inhabitants of such state)
to be by such bank or collector, paid out to the
citizens of the state for each, in sums not less than ten
dollars value; and that the same be done at their risk
and expense of the United States, under such
regulations as shall be prescribed by the department of
the Treasury.

Approved, March the third, 1795.

DATE: June 11, 1796

TOWN: New York

SOURCE: The Herald: 4 Gazette for the
Country

AN ACT
Respecting the Mint

Sec. 1. BE it enacted by the Senate and House of
Representative of the United States of America in
Congress assembled, That there shall be appropriated
for the purchase of copper for the further coinage of
cents and half-cents, a sum equal to the amount of the
cents and half-cents, which shall have been coined at
the mint, and delivered to the treasurer of the United
States, subsequent to the first day of January, one
thousand seven hundred and ninety-six, which sum
shall be payable out of any monies in the treasury not
otherwise appropriated.

Sec.2. And be it further enacted, That from and
after the passing of this act, there shall be retained
from every deposit in the mint, of gold or silver bullion
be low the standard of the United States, such sum as
shall be equivalent to the expense incurred in refining
the same, and an accurate account of such expense on
very deposit, shall be kept, and of the sums retained on
account of the same, which shall be accounted for the
treasurer of the mint to the treasurer of the United
States.

Sec.3. And be it further enacted, That this act shall
continue in force for the term of two years from the
passing thereof, and from thence until the end of the
next Session of congress thereafter holden and no
longer.

Approved, May the}

twenty-seventh, 1796}

Go: WASHINGTON, President of the
United States

DATE: August 7, 1797
TOWN: Stockbridge, MA
SOURCE: The Western Star

PROCLAMATION

WHEREAS an act of the Congress of the United
States, was passed on the ninth day of February, 1793,
entitled "An act regulating Foreign Coins and for other
purposes," in which it was enacted "that Foreign Gold
and Silver Coins shall pass current as money within the
United States, and be a legal tender for the payments
of all debts and demands" at the several and respective
rates, therein stated: and that "at the expiration of
three years, next ensuing, the time when the coinage of
Gold and Silver agreeable to the act, entitled, "An act
establishing a Mint and regulating the Coins of the
United States" shall commence at the Mint of the
United States (which time shall be announced by the
Proclamation of the President of the United States) all
Foreign Gold Coins, and all foreign Silver Coins,
except Spanish Milled Dollars and parts of such
Dollars, shall cease to be legal tender as aforesaid."

NOW THEREFORE, I THE SAID JOHN ADAMS,
President of the United States, hereby proclaim,
announce and give notice to all whom it may concern,
that agreeably to the act last above mentioned, the
coinage of Silver at the mint of the United State,
commenced on the fifteenth day of October, one
thousand seven hundred and ninety-four, and the
coinage of Gold on the thirty-first day of July, one
thousand seven hundred and ninety-five : and that
consequently, in conformity to the act first above
mentioned, all Foreign Silver Coins, except Spanish
Milled Dollars and parts of such Dollars will cease to
pass current as money within the United States and to
be a legal tender for the payment of any debts or
demand, after the fifteenth day of October next, and all
foreign Gold Coins will cease to pass current as money

within the United States and to be a legal tender as
aforesaid for the payment of any debts or demands,
after the thirty first day of July, which will be in the
year of our Lord one thousand seven hundred and
ninety eight.

In testimony whereof, I have caused the Seal of the
United States to be affixed to these presents, and
signed the same with my hand. Done at Philadelphia,
the twenty-second day of July, in the year of our Lord
one thousand seven hundred and ninety seven, and of
the Independence of these United States the twenty-
second.

JOHN ADAMS

By the President,
TIMOTHY PICKERING,

Secretary of State.

DATE: March 3, 1802

TOWN: Worcester, MA

SOURCE: Massachusetts Spy or
Worcester Gazette

The Mint

The actual expenses of last year are as follows:

Quarter ending 30 March, 1801, 4,870.89
30 June 5,076.60

30 September 4,535.40

30 December 4,780.94

Total 19,263.33

The issue of coins are as follows:

Gold Silver Copper
Ist Quarter, 78,190 36,137
20° «do $2,935 8,500
3d = do 111,100 15,876 5,050
4th do 150,345 14,245 8,578.37
422.570 74,758
13,628.37
74,858
422,570

Total amount of Coins, struck at the

mint in the year 1801, making

1,571,390 pieces of coins different

denominations, 510,956,37

The profits on coining cents, when copper is
regularly supplied, is at least dollars 5000 per annum,
which being deducted from the expenses as above
stated, would reduce them to dollars 14,263.33.

On the sum coined at the mint, nearly 300,000
dollars thereof was coined from bullion and lumps of

gold and silver that was imported into the United
States, and which would have been shipped to Europe
if there had not been a mint established here, and in
case the merchants must have paid freight, insurance
and commissions, during the late troubles, would have
amounted to 10 per cent, but suppose it was only 6
per cent, it would amount to upwards of dollars
16,000, which exceed the whole expense of the mint
to the Union. Thus the mint in wealth pays for itself.
while, the citizens at large received the benefit of
dollars 300,000 (exclusive of the cents) being added to
the current coin of the Union, and prevents their being
imposed upon by receiving foreign ones, the value of
which are not so exactly ascertained.

DATE: February 1, 1806
TOWN:
SOURCE: Columbian Centinel

UNITED STATES MINT

THE PRESIDENT of the United States lately
communicated to Congress a Report of the Director
of the Mint, comprehending the operations of that
institution; which, under the Federal Administrations,
was so long the subject of democratic clamor and
abuse. It appears, by the report, that since its
establishment in 1793, there have been coined Money
to the amount of 4,747,343 dollars; the number of
pieces of coin, amounting to 22,594 832--of which
there were, EAGLES 138,824, HALF-EAGLES
239,489; QUARTER EAGLES 11,315. Dollars
1,483,032; Half-Dollars 787,197, Quarter-Dollars
134,278, Dimes 304,406; Half-Dimes 265,543--Cents
16,659,947; Half-Cents 2,570,801. In 1805, there
were above 34,000 pieces of gold struck, amounting
to 170,367 dollars.--Above 469,000 pieces of silver,
amounting to 149,000 dollars; and about 13,000
dollars worth of copper coins.--The total value
exceeding 332,000 dollars. The gain on the copper
coinage the last year amounted to 2,187 dollars. The
report adds, that the bank will furnish the Mint an
ample supply of Bullion during the current year.

DATE: August 17, 1816
TOWN: _ Baltimore
SOURCE: Niles' Weekly Register

THE BEGINNING

By referring to the letter of the secretary of the
treasury (see page 376), it will be seen that measures
have been resolved on to bring about a
commencement of specie payments. The operations
ought to be gradual, and the secretary's plan seems to
give satisfaction to all except those who have been
depredating on the poor and needy, by buying and
selling the things called bank notes. Some
inconvenience will be suffered from the procedure; it
may add somewhat to the difficulties felt by the
scarcity of money, and make it most needful for the
ordinary transactions of life--but it will eminently tend
to bring us back to that old and honest state of things
when a bank note was worth its mark on the face of it-
-and check a system of speculation and robbery--of
"combinations in crime," which, for atrocity and
extent, has never had a parallel in the United States.

DATE: August 17, 1816
TOWN: _ Baltimore
SOURCE: Niles' Weekly Register

SPECIE PAYMENTS

It is understood that the delegates from the banks of
New York, Philadelphia and Baltimore, that lately met
at Philadelphia, resolved to withhold specie payments
until the first Monday of July next, 1817--that they
communicated the result of their determination to the
secretary of treasury--who is said to have acquiesced
in the arrangement, in consideration that all those
banks would make a simultaneous resumption of
specie payments on the day stated.

DATE: September 30, 1825
TOWN: Boston, MA
SOURCE: American Traveller

Three Dollar Bills

A person was arrested on Wednesday, at Newton
Falls, having in his possession a number of three dollar
bills of the Manufacturers' Bank of North Providence,
R.I. They are good imitations of the originals, and
persons unacquainted with the genuine notes, would
be liable to be imposed upon.

DATE: July 22, 1826

TOWN: Plymouth, MA

SOURCE: Old Colony Memorial and
Plymouth County Adviser

"New Kind of Money"

Every man desires money, because with money he
can procure whatever he desires; shape of money
could readily obtain currency, no matter what its
intrinsic worth. Only give it the shape of a bank note,
let it be printed with copper plate on silk paper, with
vignettes and die-work, and the silly multitude will
cheerfully exchange for it their labor or the products of
their labor. Even those who are convinced of the utter
worthlessness of the paper, will take it, because they
intend not to keep it, but to pass it away to others
before the explosion which they know must occur
sooner or later.

This disposition of mind is strikingly illustrated by an
anecdote, recently told us by a gentleman of this city.
He was traveling in the interior during the late war,
and to try the whole extent of public credulity, he took
the envelope from a box of quack medicine called
Lee's Pills, or Lee's Antibilious Pills, and cut it up in
pieces about the size of the changes notes then in
circulation, making the words, 12 1/2 cents, or 6 1/4
cents, in large letters on the margin. The envelopes in
question are curiously configured, so as to resemble
die-work when viewed from a distance, but there was
no vignettes, no "We promise to pay: nor any of the
other customary ornaments of our bank notes. What,
"said the people, on the paper being presented to
them, "is this?" "Oh!" replied the Philadelphian, "it is
a new kind of money, lately invented in New
England." It was enough. Tavern keepers and toll
gatherers pocketed the paper without further scrutiny,
giving the necessary change in return, and if our
travellers had a little conscience as the directors of
certain paper-mints we could mention, he might have

defrayed part of the expenses of his journey with this
new circulation medium.

Perhaps the reader will say that, after all, these little
pieces of the quack medicine envelope had quite as
much intrinsic value as three fourths of the paper
which forms the circulating medium of the country.
That is a delicate question, on which we beg to decline
expressing an opinion. Philad. Gaz.

DATE: July 18, 1829
TOWN: _ Baltimore
SOURCE: Niles' Weekly Register

MINT OF THE
UNITED STATES

The foundation stone of the edifice about to be
erected, under the provisions of the law for extending
the mint establishment, according to a plan thereof
approved by the president, was laid, on the morning of
the 4th of July, at 6 o'clock, in the presence of the
officers of the mint, and a number of the distinguished
citizens.

Within the stone was deposited a package, securely
enveloped, containing the newspapers of the day, a
copy of the Declaration of Independence, of the
constitution of the United States, and the farewell
address of general Washington; also, specimens of the
national coins, including one of the very few executed
in the year 1792, and a half dime coined on the
morning of the 4th, being the first of a new emission of
that coin, of which denomination none have been
issued since the year 1805.

Within the package was also enclosed a scroll with
the following inscription:

"Mint of the United States"

"This institution was originally established by act of
congress, April 2d, AD. 1792, gen George
Washington being president of the United States, and
the following fifteen states members of the union, viz:-
-New Hampshire, Massachusetts, Rhode Island,
Connecticut, Vermont, New York, New Jersey,
Pennsylvania, Delaware, Maryland, Virginia, North
Carolina, South Carolina, Georgia, Kentucky."

"The operations of coinage commenced in the year
1792. The coinage effected from that period to the Ist
of January, 1829, was as follows:

"Gold coins:--132,592 eagles; 1,344,350 half eagles;
39,239 quarter eagles--making 1,566,190 pieces of
gold coin, amounting to $8,395,812.50.

"Silver coins:--1,439,517 dollars; 41,604,347 half
dollars; 1,855,629 quarter dollars; 5,526,250 dimes;
265,543 half dimes--making 50,691,286 pieces of
silver coin, amounting to $23,271,499.90.

"Copper coins:--50,882,042 cents; 6,138,513 half
cents--making 57,020,555 pieces of copper coin,
amounting to $539,512.98 1/2.

"An extension of the mint establishment was
authorized by the act of congress, March 2d, 1827,
John Quincy Adams being president of the United
States, and the following twenty-four states members
of the union, viz:--Maine, New Hampshire,
Massachusetts, Rhode Island, Connecticut, Vermont,
New York, New Jersey, Pennsylvania, Delaware,
Maryland, Virginia, North Carolina, South Carolina,
Georgia, Tennessee, Kentucky, Ohio, Indiana, Illinois,
Missouri, Louisiana, Mississippi, Alabama.

"In fulfillment of the law for extending the mint
established, this foundation stone of the edifice
designed for that purpose, was laid on the 4th of July
A. D. 1829.

[Then follows the names of the present president of
the United States and heads of the departments, and of
the present officers of the mint, and of the architect
(Strickland), and builders. |

DATE: July 19, 1832
TOWN: _ Boston
SOURCE: Boston Weekly Messenger

CENTS OF 1814

NEW SPECULATION!--Within a few days there
have been runners in most of the towns in this vicinity,
gathering up cents coined in 1814. They find but few
and buy them as they can, giving 2, 4, 6, 10, 12 or 17
cents each; and we have heard of 75 cents being given
for a single cent. 12 1-2 cents have been offered in
this town. The story is that in 1814 some gold was
accidentally mixed with the copper at the United
States Mint, and that the cents of that year contain
gold. We verily believe that the whole affair is a
humbug, and that the cents of 1814 are of no more
intrinsic value than those of any other year. It has
been suggested that the speculation originated in the
following manner. Copper was very scarce in 1814,
on account of the war, and but few cents were coined
at the mint during that year. Some virtuosi, who were
desirous of laying up in their cabinets specimens of the
coinage of every year, could not find any cents coined
in 1814, and offered certain toll-gatherers a dollar or
two to collect for them a few cents of that year. This
offer led others to suppose that the cents of 1814
contained gold.--We know not whether this be a true
explanation of the mystery.

Hampshire Gazette

DATE: July 19, 1832
TOWN: _ Boston
SOURCE: Boston Weekly Messenger

$3 Bills

Ezra Bowles has been tried before the Municipal
Court on a charge of passing several counterfeit $3
bills of the State Bank, knowing them to be such. One
of theses bills was offered by him in payment of coach-
fare, and on his arrest, several others of the same
description were found in his possession. The Jury
returned a verdict of guilty.

DATE: June 7, 1834
TOWN: Baltimore
SOURCE: Niles' Weekly Register

THE COIN BILL

HOUSE OF REPRESENTATIVES--MAY 27

The following engrossed bill was this day taken up
for consideration, viz:

A bill regulating the value of certain foreign silver
coins within the United States.

Be it enacted, & c. That, from and after the passage
of this act and for three years thereafter, and no
longer, the following silver coins shall pass current as
money within the United States, and be a legal tender,
by weight, for the payment of all debts and demands,
at the rates following, that is to say: the dollars of
Mexico, Peru, Chili and Central America, and those
restamped in Brazil, of the value of nine hundred and
sixty reas, when of not less fineness than ten ounces,
fifteen pennyweights and twelve grains of pure silver
in the troy pound of twelve ounces of standard silver,
at one hundred and sixteen cents and one-tenth of a
cent per ounce: and the five frank pieces of France,
when of not less fineness than ten ounces and sixteen
pennyweights in twelve ounces troy of standard silver,
at one hundred and sixteen cents and four-tenths of a
cent per ounce, Provided, and it is hereby declared,
that such tender by weight shall not extend to the
payment of any debt or demand for a less sum than
one hundred dollars.

Sec 2. And be it further enacted, That it shall be the
duty of the secretary of the treasury to cause assays of
the aforesaid silver coins, made current by this act, to
be had at the mint of the United States at lease once in
every year, and to make report of the result thereof to

congress.

Mr. Gorham moved to recommit the bill to a
committee of the whole, with instructions to strike out
the first section, and in lieu thereof insert the
following:

Be it enacted, & c. That from and after the passage
of this act the following silver coins shall be of the
legal value, and shall pass current as money within the
United States, by fale, for the payment of all debts and
demands at the rate of one hundred cents the dollar:
that is to say, the dollars of Mexico, Peru, Chili and
Central America, of not less weight than as now
coined, and those restamped in Brazil of the like
weight, when of not less fineness than ten ounces,
fifteen pennyweights and twelve grains of pure silver,
in the troy pound of twelve ounces of standard silver;
and the five frank pieces of France, when of not less
fineness than ten ounces and sixteen pennyweights in
twelve ounces troy weight of standard silver, at the
rate of ninety-three cents each.

After debate, the motion was agreed to, by 86 votes
to 82; and the amendment having been made as
proposed by Mr. Gorham, the bill, thus amended, was
read a third time, passed, and sent to the senate for
concurrence.

DATE: August 13, 1834
TOWN: Boston
SOURCE: Columbian Centinel

Gold Coin

We sent this morning at half past 10 o'clock to the
Manhattan Bank for Gold Coin to pay off our hands;
but received for answer, that although at the opening
of the Bank at 10 o'clock they had $14,000 in eagles,
it had all been drawn out before our clerk presented
himself. We then sent to the Bank of America and
were there informed that they had paid away all but
one Eagle. The Mechanics' Bank, the only remaining
Pet, was then applied to, and there again we were
assured that they could not accommodate us, so that
as usual we are compelled to pay our hands in paper
money.--N.¥. Eng. Aug.9

DATE: August 13, 1834
TOWN: Boston
SOURCE: Columbian Centinel

New Gold Eagle

Messrs. Editors--Your Correspondent T. B. R. says
I am in error when I state that if the new Eagles are
made to weigh 258 grains standard gold, they will be
worth $10.19, instead of $10.00, because, he says, the
standard has been changed. I will avail myself of the
privilege of a Yankee, and reply to him by asking a
question, viz: by what authority has "the standard for
all gold coins of the United States," fixed by the law
establishing the mint in 1792, "at eleven parts fine, to
one part alloy," been reduced 10 and 79-100 parts fine
and | and 21-1099 parts alloy? Has this been done, as
he seems to infer, by the "decision of the Director of
the Mint," and by the publication of "Mr. Bicknell's
Gold Coin Chart?" J think that neither of these facts
are sufficient. Is there any thing in the new law to
warrant the change?--I think not? The first section of
the law says that "each Eagle shall contain 232 grains
pure, and 258 grains of standard gold -- and that is all
that is said of standard gold in that section: and there
is in no part of the law anything to designate what is
meant by the words "standard gold." I do not see in
this law, any more authority for changing the standard
of our coins, than there is for changing the standard of
our pounds 12 ounces Troy to 11 ounces Troy.

It seems that the Director of the mint does conform
himself strictly to 10th section of the law of 1792,
which justifies him in "disencumbering Liberty for her
cap," and omitting the "surplus motto, "E pluribus
unum," on the new Eagles, so as to create a difference
in appearance between them and the old ones. I
should think he would also conform to the 12th
section of this same law, which defines what is meant
by "standard gold" of which the new Eagles are to be
made.

I agree that if the standard has been changed, T. B.
R. is right; but if not changed by law, then I am not
wrong. I therefore maintain my original ground, viz:
If the new Eagles weigh 258 grains standard gold,
they are worth $10.19. If they weigh 258 grains, and
are not standard gold, they are not a legal tender. If
they weigh 253 grains standard gold, they are worth
just $10; but are not a legal tender, because the law as
published in the Globe requires them to weigh at /east
as much as 258 grains, although it says they must
weigh 490 grains, viz: 232 grains pure and 258
standard--and halves and quarters in proportions. C.

DATE: August 13, 1834
TOWN: Boston
SOURCE: Columbian Centinel

New Gold Eagles

Messrs. Editors:--The writer of the communication,
published in the Centinel of Saturday last, over the
signature of C., is in error respecting the real value of
an eagle, coined after the 31st of July, 1834, being ten
dollars and nineteen cents, instead of $10. The present
standard value of gold, coined in the United States
since the late law went into operation, is, according to
the decision of the director of the mint, and also
according to "Bicknell’s Gold Coin Chart," 21 carats
2 14-43 grains. By the following rule the contents is
pure gold can readily be ascertained.--An eagle must,
by the law, weigh 258 grs. or 10 dwt. 18 grs.

caf. Car. © grs.: gre. gre.
Therefore as 24 : 21 2 14-42 ;; 258 :: 232 pure.
oe
96° 86
as. 2 ae F
288 3713
_384 258
4128
4128)957696(232 grains pure gold.
957696

American gold, coined before August Ist, 1834, is
valued at 9 48-10 cents to the dwt., or 25 6-20 grs. to
the dollar, coined after July 31st, 1834, at 93 cents to
the dwt., or 25 3-4 grs. to the dollar.

By publishing the above you will probably give your
readers some light upon the subject, and will oblige T.
B. R.

[We have not understood our correspondent C. to
bring in question the relative weight of the two coins.
His only object, as we understand it, is to ascertain by
what authority standard gold has been debased from

22 to 21 1/2 carats. If there be no authority for it, then
the new coins not conforming to the law for regulating
the mint, will not be U.S. money nor a legal tender]

DATE: December 27, 1837
TOWN: Washington, D.C.
SOURCE: National Intelligencer

THE MINT AND
THE COINAGE

When the bill concerning the Mint was taken up in
Committee of the Whole, in the House of
Representatives, on Thursday last, speedy action upon
it was pressed by the chairman of the Committee of
Ways and Means, (Mr. CAMBRELENG,) on the
ground that it was necessary, if practicable, that the
bill should pass before the Ist day of January, on
account of the convenience of any new Mint
arrangement beginning on that day. The bill being
read through, it was found to consist of a considerable
number of sections, embracing all the details necessary
to the organization of the whole system of the Mint
and Coinage. Whereupon, a desultory debate took
place, not necessary to be reported at length, of which
the principal points are embraced in the following brief
sketch:

Mr. ADAMS, referring to the intimation of Mr.
CAMBRELENG that it was necessary to pass this bill
before the Ist of January, said, that if the bill had
proposed to repeal all the laws of the United States,
and it had been required that such a bill should be
passed within a week's time, he could not have been
more surprised that he was at hearing this bill read, in
connection with the precipitate proceeding proposed
in regard to it. The subject of the bill was, he said,
entirely too important to be disposed of in this
summary mode. It was a bill to repeal all laws
concerning the coinage of the money of the United
States, and establish a system different from that which
now exists; which might be all right, but which it was
necessary should be closely examined before it was

acted upon. In reply to a remark of Mr.
CAMBRELENG, that the bill was merely a
compilation of existing laws and regulations in regard
to the Mint, Mr. ADAMS said that the very first thing
that struck his ear on hearing the bill read was a
provision that hereafter the weight of the silver dollar
should be 412 1-2 grains. Now, by the existing law,
the established weight of that coin was 416 grains.
Here, then, was a debasement of the coin: and
debasement of the coin had always been regarded as
one of the greatest, most important, (and often most
immoral) acts a Government can perform. What was
all this for? He wished to know. It might be a very
proper operation, but, if it was, it was not in this hasty
and inconsiderate manner that it ought to be effected.
As to the gold coins, he could not from recollection
say whether the weight proposed was the same as the
present legal rate: but, as to the copper coin, the
standard of which was the existing law as fixed at 208
grains, this bill proposed to reduce it to 140 grains!
Such reduction of the actual value of the coin would
be not only injurious to the mass of poor people who
chiefly use the coin, but was in every other way
objectionable. It would subject the people who use
this coin to all the disadvantage with which Ireland
was menaced by Woods copper coin; and if gentlemen
desired particular information on that subject, he
advised them to read the Draper's Letters, and apply
them to this case. For this part (Mr. A. said) he did
not remember of any thing equal to this sweeping
measure, unless it was the scheme of Charles XII of
Sweden, who made copper coins of less than the
specific weight of our cent, and then issued them to his
army as of the value of a dollar. Debase your coin!
(said he:) you have no right to do it. To do so is to
rob those who are in possession of it. If. in
consequence of the change of the alloy, the dollar
would (as was alleged) remain of the same value as
now, why make the change in the weight at all? One
of the advantages of the present dollar is, that it is of
the weight and value of the Spanish milled dollar, and
therefore affords a facility to all who deal in dollars by
weight. Now, the dollar is not only a part of the

currency, but it is also an article of merchandise, and,
as long as our dollar is of the same weight and value of
the Spanish dollar, the value and weight of the bag of
American dollars and of the bag of Spanish dollars
being known all over the world to be the same, they
pass at the same value all over the world by weight;
and to change the weight would therefore affect
seriously the commerce of the country. By these and
similar arguments Mr. A. endeavored to satisfy the
Committee of the Whole of the impropriety of
precipitancy in a matter of so much delicacy and
consequence as the subject of this bill.

In the course of these remarks of Mr. ADAMS,
occasion was taken by Mr. CAMBRELENG to
express his surprise that time should now be required
by the gentleman from Massachusetts to examine this
subject, inasmuch as this bill was substantially the
same as one reported as long ago as at the last session
of Congress, though not then acted upon. The bill did
not (he said) propose to change the value of the silver
coin by a single sous. Mr. C also made some further
explanations, concluding by saying that if Mr. A would
allow the bill to go through the committee today, he
would himself then move its postponement to Tuesday
next, allowing time to gentlemen in the interval to
inform themselves of all the details of the bill.

Mr. ADAMS, however, said he, for one, could not
consent to move a step further in this bill which he had
not before seen or heard read, without first having
time to read and examine it. He moved, therefore, that
the committee now rise.

Mr. JARVIS took occasion to state that, having
carefully examined the subject, he could satisfy
gentlemen that in the proposed composition of the
dollar the amount of pure silver was the same as in
the present dollar, and that the proposed value of the
gold coin was the same as now.

The committee divided on the motion to rise and the
votes being equal, (65 to 65,) the questions was

determined in the negative by the casting vote of the
chairman, (Mr. MUHLENBERG. )

Mr. INGERSOLL, (of Penn.) who appeared to be
perfectly familiar with the details as well as the
principles of the bill, (having been one of the
committee who reported it,) expressing his regret that
the gentleman from Massachusetts had not had time to
examine the bill, answered the objections which had
been made to it, and explained its various provisions.
With regard to the copper coinage, he said, the
reduction proposed was only from 168 grains, the
present weight of the cent, to 140, an immaterial
alternation, scarcely at all proportioned to the going
price of copper, which occasioned the reduction. The
gentleman, however, when he spoke of the weight of
208 grains, was right as to the original weight of the
cent; but, as it had, since first established, been
reduced in weight from 208 grains to 168 grains it was
now proposed to reduce it from 168 grains to 140, to
keep pace with the price of copper. This reduction,
Mr. I. said, was not much, unless cents were made a
legal tender, which it had always been his intention to
oppose. As, by the Constitution of the United States,
the States cannot make anything but gold and silver a
legal tender, he thought it better that the Government
of the United States should not do, in this respect,
what the States are forbidden to do. With regard to
the dollar, no reduction in value was proposed the size
of the dollar was now complained of. The slight
change proposed in its composition by this bill would
render the bulk and weight somewhat less, whilst the
quantity of silver remained the same. As to the gold
coin, no change was proposed. As to the general
character and tendency of the bill, Mr. I. also made
some remarks. The Mint, he said, had remained under
the same regulations, with little variation, from the
year 1791 to this time. The length of time which had
intervened rendered a revision of the system necessary.
The great object of the present bill was to produce a
complete organization, a system of arrangement, a
plan of business, which should be perfect, so as to
enable all who have business with the Mint to have a

distinct and clear understanding of what is to be done
on the part of the Public, and of the individuals
themselves who are employed by the Public to
superintend and conduct its operations. This would
not have been so necessary, as a system has in fact
grown up from usage, but from the establishment of
branches in connection with the progress of gold-
mining in our own country, & c. Mr. I. expatiated at
large, and much more particularly than we have stated,
on the advantages and benefits which would be
secured or promoted by various provisions of the bill.

On motion of Mr. INGERSOLL, the bill was then
amended by striking out so much as makes cents and
parts of cents a legal tender.

Mr. ADAMS then moved to strike out the whole of
the section which goes to fix the weight of the cent
and parts of a cent, so as to leave the copper coin
where it is. In reply to the suggestion of Mr.
INGERSOLL, that the reduction of the weight of the
cent from 168 grains to 140 was a small affair, Mr. A.
remarked that that gentleman would not probably
consider it a very small affair if, on a larger scale, a
debtor owing him 168 dollars, or hundreds of dollars,
were to offer to pay him with 140. The effect of such
a reductions of the value of the coin would be to drive
it from circulation into the hands of speculators, whilst
the Mint might not in many years be able to supply its
place with a sufficient number of cents of the new
coinage. As to the argument in favor of a new
coinage, founded on the increasing price of copper,
Mr. A. said he did not know what the price of it now
was, but it was low enough to allow of cents being
made of the same weight as at present and still leave
a profit to the Government. All profit thus made was
a tax upon the People; and reducing the weight would,
in the case of the copper coin, be only taking so much
more from the People. Reduction of the weight of
coin, he also argued, facilitates the obliteration and
wearing down of it, and was therefore inexpedient.

Mr. McKIM gave the committee some information

in relation to the price of copper, which he said had
risen, within six or eight months, as much as 25 per
cent.--from 17 cents to 21 or 22 cents per pound--so
that, to prevent cents from being melted up, the weight
of them ought to be reduced. As much copper was
received from the mines as ever, but the increase
consumption of the article had advanced the price.

Mr. INGERSOLL suggested that striking out the
section would (as all former laws were repealed) leave
the country without copper coin, which, he presumed,
was not the intention of the gentleman who moved to
strike it out. If the object was to leave the copper coin
unchanged, it would be readily attained by striking out
140 in the present bill, and inserting 168 grains as the
weight for the cent, & c.

Mr. HARPER (of Pa.) said that, at the weight of
168 grains, a pound of copper would yield within a
fraction of 47 cents; and that was a sufficient gain,
even at the present price of copper, as stated by the
gentleman from Maryland. Mr. H. therefore moved to
strike out 140 and insert 168 grains as the weight of
the cent.

Mr. McKIM said that it was of raw copper he
spoke, when he stated the current price at 21 or 22
cents. The price of manufactured copper was 31 or
32 cents. Something like 10 per cent, was lost in the
refining of it.

Mr. GILLETT, (of New York) after suggesting that
the People, and not the Government, would be gainers
by a reduction of the weight of the value would
certainly be increased by the reduction, is in their
hands, said that this was a subject to which he had
given much attention, having examined and compared
the laws, & c. From the statute-book it was
impossible , he said, for any man to understand that
the cent is to consist of 168 grains of copper. He had
himself, like the gentleman from Massachusetts,
supposed that the legal weight of the cent was 208
grains; for so says the statute. But he understood that

in some law, which he had not met with in the course
of his examination, the Executive was authorized to fix
the weight of the copper coin by proclamation, and
that it had been so fixed at 168 grains. But the
statute-book does not show it, and he had not been
able to find the proclamation. It was, therefore, a
matter of high necessity to pass a law which should
embrace all existing provisions respecting the weight
and value of coins, & c.

The committee then divided on Mr. HARPER'S
motion; and it was discovered that there was not a
quorum present. So the committee rose, and the
House then adjourned.

DATE: May 28, 1842
TOWN: Washington, D.C.
SOURCE: National Intelligencer

Currency Redemption

Notes on Currency.--A traveller from New England
or Central New York starts for the South. At the
Philadelphia Railroad Office he is gruffly told that they
"don't take New England money, nor any New York
but specie;" so he has to stand a shave on the money
in his pocket. Ten hours more and he is in
Washington, and here (at the railroad) they won't take
New York city bills except at two per cent, discount.
They won't take Virginia here, nor in Baltimore, save
at some eight to twelve per cent, discount. They won't
take Pennsylvania country money in Philadelphia, nor
Maryland country money in Baltimore or Washington.
In short, at every stopping-place you must put your
pocket-book in the brokers' hopper, and have the
contents ground out minus the toll.

All this, be it observed, is done with a currency every
where (except Virginia) redeemed promptly in specie.
There is no longer a pretence that suspension causes
those inequalities. The simple fact is that we have
touched bottom on General Jackson's "better
currency" of State bank notes; and you can't select any
out of the lot that you can travel twenty-four hours
upon.

This will never do. We cannot stop here; we must
advance or go back. Before two years the issue must
be broadly presented--a "national paper currency, or
an exclusive metallic currency." This Ulster and
Jacksonville contrivance, with a shave on every corner
you turn, cannot be a permanent condition. If there
really be not in the land wisdom to devise and virtue to
maintain a sound and uniform circulating medium let
us go back to the devices of barbarism at once. [N.Y.
Tribune]

DATE: April 5, 1848
TOWN: Washington
SOURCE: Daily National Intelligencer

THE BETTER
CURRENCY

The invention of the present circulating medium has
generally been regarded as the foundation of the
extended system of commerce which has contributed
so largely tot he happiness of mankind. Whether it
was expedient in barbarous times to use such a method
of facilitating exchanges we cannot pretend to decide:
but that it is not the best adapted to the present times
may be made obvious to the meanest capacity. The
matured commercial energies of the nineteenth century
need not lean on the props which assisted the infancy
of traffic. To vulgar minds--and such are those of all
practical and theoretical men--the divisibility and
portability of the precious metals have always
appeared the qualities which particularly adapted them
for medium of exchange. These we have long
considered as precisely the causes of some of the
greatest evils of our social intercourse; evils which we
can see no mode of obviating, except that of boldly
renouncing the dangerous use of metals, returning to
the wise customs of our antediluvian forefathers, and
effecting all exchanges by the natural process of
barter, or, at any rate, permitting no other than the
ancient circulating medium, horned cattle.

Gold eagles, we are ready to admit, would not be
such bad things, if it were not for their detestable
division into dollars, shillings, and cents. There would
be few objections to the revival of the ancient talent;
but, as long as we have our present scale of small
moneys, so long must the great practical evil of
existence--the demand for ready money and prompt
payment--harass that unfortunate class of men, the

payer. The payment of small bills is the greatest
annoyance of man in a civilized state. For large bills
he makes up his mind; these he generally incurs with
some deliberation, and the prospect of being called on
to pay them is always present to his mind, and induces
him to shape his expenses accordingly. At any, rate he
is generally allowed to take time to discharge them.
But a small bill is an active poison; no long day is
allowed by it to its victim, and their number makes up
for their diminutive size. Their name is legion; they
come in quick awful succession like a train of
phantoms that haunt the opium-eater. They do not,
once and calmly, drain the life-blood from you with
the deadly avidity of a vampire, but haunt your waking
and sleeping hours with the pertinacious sting of the
mosquito, and render life a constant and burdensome
succession of petty but maddening annoyances. And
then, who is there on whom they produce that
impression which the payment of money ought always
to make on those who possess it in but a limited
supply? Alas! it is in these small driblets that our
money imperceptibly glides from our hands. We
forget that great law of nature, that the sum of the
parts makes up the whole; we heed not the
evanescence of our fifty and twenty-dollar notes in the
shape of small changes; we convert the solidity of
eagles into the fluidity of dollars--the pence-table is
not before our eyes. Who is there that keepeth watch
and ward over single dollars? Who counteth the
outgoings of dimes and fips? Who charisheth the cent
and its moiety as the seeds of greater coin? Few,
indeed, there be who are endowed with such wisdom,
and few who do not repent over the emptiness of a
gradually eviscerated purse.

DATE: April 25, 1850
TOWN: Washington, D.C.
SOURCE: The Daily Union

Coinage of the U.S.

Mr. WEBSTER desired to call up the resolution,
submitted by him yesterday, relating to coinage at the
mint. The motion having been agreed to, the
resolution was read as follows:

Resolved, That the Committee on Finance be
instructed to inquire what measures it may be most
expedient to adopt to facilitate and increase the
coinage of the United States.

The resolution having been taken up for
consideration, Mr. W. said: Mr. President, there are
some important facts connected with the subject to
which I propose to submit to the consideration of the
Senate. It is known, sir, that by existing laws
respecting the mint of the United States, a million
dollars in coin may be placed, and is usually placed in
the mint, under the direction of the Secretary of the
Treasury, to be exchanged for bullion, in order to
carry on the process of coinage without delay, without
loss of time, and interest. There has been found,
latterly, no small degree of inconvenience arising from
the slow operations of the mint, or from other causes,
delaying the progress of coinage, in a manner
inconvenient, considering the quantity of bullion and
gold-dust to be coined. Some time ago a bill came to
this house from the other, authorizing an augmentation
of the sum to be kept in the mint for these purposes of
exchange from one to two millions. The bill was here
referred to the Committee on Finance, and has not yet
seen reported by that committee. I have understood,
sir, that there was some objection, I think not very
considerable, and easily removed. Nothing, thus far,

has been done in the Senate upon that bill. So much,
sir, for what has been proposed in Congress.

The whole subject is a good deal broader. It is
known that great quantities of gold are now received,
from week to week, an from month to month, from
California. This gold, this bullion, is likely to be sent
to England for coinage, on account of the time
consumed here before bullion delivered at the mint can
be redelivered in the shape of coin. It is known, sir, in
the commercial world that several circumstances have
occurred, where, upon the shipment of California gold
to England, the parties have been enabled to obtain a
credit for the amount on the Bank of England within
twenty-four hours after the arrival of the bullion at
Liverpool; and large amounts, as I learn from those
well acquainted with the subject, are now beginning to
be ordered directly from Chagres to England for the
purpose of being converted into coin speedily.

Many of our traders to California have given
directions to that effect--to send the gold which
comes from Charges to their consignment direct to
England. The expense of sending gold to England is
estimated to be about one per cent; and this is less
than the amount of the loss, by loss of interest during
the period in which much of the bullion remains
uncoined in the mint of the United States, if carried
there. The mint does not seem to be competent, in
the present supply of gold, to convert it into coin with
any considerable degree of promptness. I do not
complain of the operation of the mint, or of those who
manage it; but there seems to be an incompetent
provision. I find, sir, by looking at the returns for the
year ending the last of February or the first of March,
that there has been an accumulation in the mint of the
United States of between six and seven millions of
dollars. The last two months (March and April) will
carry that up to seven millions; and I have a letter
before me from a very intelligent person, well
acquainted with the subject, who thinks there can be
hardly less than eight millions of bullion now in the
mint. In addition to this, sir, it is to be considered
that there is between eight an nine, probably close
upon nine, millions of coined money in the treasury

and the assistant treasuries of the United States. Here,
then, are seventeen millions of bullion and coin
withdrawn from the commercial houses of the country
altogether; and so great an abstraction of the specie of
the country has produced, and threatens still further to
produce, considerable inconvenience. I suppose, sir,
that instead of the two millions, which the bill now
before the Committee on Fiance proposes to leave in
the mint to be exchanged for bullion, the sum might
very safely and properly, in the present condition of
the treasury, be extended to four millions; because that
would leave five millions subject to the drafts of the
treasurer. I suppose, sir, that in the present state of
things, five or six millions of dollars in specie, subject
to the draft of the treasurer, would be enough to
answer the current emergencies.

Now, I wish to call the attention of the Senate, and
especially of the Committee on Finance--of which
some members are very near to me--to this important
matter. I think the general sentiment to be, all along
the Atlantic coast, and in the commercial cities
especially, that this accumulation of bullion in the mint
has two tendencies which ought to be avoided: the one
is to invite the sending of that bullion to be coined in
England; the other to be accumulate so much of
bullion in the mint as that, together with the coined
money in the treasury of the government, the whole
taken together produces a very considerable
inconvenience in the mercantile operation of the
country. The honorable member from New York,
[Mr. DICKINSON], who is chairman of the
Committee on Finance, is now absent on the service
for the Senate. I hope the other gentlemen of the
committee will turn their attention to this subject, and,
when he shall return to his place in the Senate, at the
head of the committee, that they will lose no time in
providing and recommending some measure to prevent
the further increase of this evil.

Mr. DOWNS. I am very glad, Mr. President, that
the honorable senator from Massachusetts has
brought this subject forward, for it is one which is very
deeply interesting. I shall not speak of the situation of
the mint generally, but of that very important branch

of it situated in New Orleans. Not only am I sensible
for the evils and disadvantages which the senator has
depicted, arising from the situation of the coinage for
the United States, but there are some facts connected
with the mint at New Orleans, which has become a
very important one, especially since so much gold has
come from California and landed at that place; and I
think it requires the prompt action of Congress. No
stronger proof could be given of it than the
extraordinary fact that, at this time of office seeking,
there has been some difficulty in one of the most
important offices in the mint of New Orleans--that of
sub-treasurer--and I do not think it has yet been
overqualified to give the required bonds.

Why, so far from there being any question about
removals among the officials at the mint at New
Orleans, the treasurer of the mint there would have
resigned, except that, at the most urgent request of the
officers of government here he consented to hold on
until a successor offered to several individuals who
would not accept of it. The salary is entirely
incompatible with the responsibility attached to that
office. The duties to be performed, the number of the
hands which are required, and all these circumstance,
are sufficient absolutely to prevent suitable persons
from accepting such an office. At length, sir, the
incumbent of this office, having held on as long as
convenience would allow, finally sent in a formal
notice to the government that he could positively no
longer perform the duties of the office, and that he
must close the office of assistant treasurer and the
mint, unless a successor was appointed before the first
of April. A successor was not appointed and
qualified in season, and the offices were closed. A
man has been appointed; but I have not learned that
he has qualified, and I am afraid that there is some
doubt whether he will be able to qualify under the laws
and instructions as they now stand. The salary for
this important office where the bonds to be given are
$200,000, and the responsibility very great, involving
the duty of receiving the bullion at the mint to be
coined, and the receipts from customs at the port of
New Orleans--having to have his clerks around him,

his books with the responsibilities of these vast sums
of money, he has but a very small salary--small for any
locality, and especially small in our country, where it
is known that all salaries are large, compared with
those in States further North. The sums of money
which pass through his hands amounts to millions
annually; and the responsibility is, consequently, very
great. There is also a difficulty about giving the bond.
The law, I understand, requires, at present, that all
bonds for office shall be given jointly and severally.
Well, now, bonds of very large amounts make it
extremely difficult to obtain bondsmen with such and
obligation. The bonds in this case is for $200,000: and
there is great difficulty in finding persons who are
willing to involve themselves in so large an amount.
It would be much easier for the parties required to
give the bonds, and, in my opinion, much better and
safer for the government to required bonds merely
several in their obligation. We have felt so much
difficulty in this matter, that all the Louisiana
delegation have been recently pressing upon the
proper officer of the government, if he feels himself
at liberty to do so, to reduce the amount of security to
be given, in order to put it within the possibility of the
person now appointed to qualify for the office. I hope
he will consider himself as authorized by law to do so.
The mint at New Orleans has been closed for some
time, and, if he does not feel himself authorized to do
sO, must remain closed until Congress acts on the
subject. Not only, sir, are we left without any one
with whom to make deposits--for the law requires
money received for customs to be deposited in the
mint from day to day--but there is bullion deposited
now in the mint amounting to a million or more, and
which cannot be drawn out for want of any officer
authorized to deliver it. No business whatever can be
done.

I have mentioned these points, Mr. President, for the
purpose of calling the attention of the Committee on
Finance to them, with the hope of inducing them to
take up the subject and provide some proper remedy
for the evils in question. I think the suggestions of
the honorable senator from Massachusetts [Mr.

WEBSTER] are worthy of immediate consideration;
and I hope that the proper steps will also be taken for
increasing the salaries perhaps elsewhere, but certainly
at New Orleans. I will also remark that there is
another difficulty which has arisen in New Orleans. In
consequence of the increase of the business at the
mint, there is not a force competent to carry it on. the
necessary amount of coinage cannot be performed.
The officers of the assaying department are, I believe,
very competent men, and able to do the work of their
department in ordinary times; but now, when it has
increase to double, or perhaps quadruple, what it was
when they were appointed, they are not at all adequate
to the performance of it. I would, therefore, suggest
to the committee the propriety of increasing the
permanent force of the mint, so as to carry on the
coinage, authorizing the Secretary for the Treasury to
reduce the bonds of the treasurer of the mint, or to
receive them in a different form, dispensing with the
joint and several obligations; and I hope that they will
find it in their power to give it their attention at an
early day.

Mr. HUNTER. The subject, sir, which the honorable
senators from Massachusetts [Mr. WEBSTER] and
Louisiana [Mr. DOWNS] have discussed is one of the
great importance, and has been already partly
submitted to the Fiance Committee. So much as has
been submitted to them has been already considered;
and the result of their labors will appear by one of the
bills which has been lying upon your table for some
time past. One of the means of relieving the mints
from the surplus quantity of bullion which as
accumulated, and which is likely to accumulate, is to
increase the number of mints; and there is a bill already
reported for establishing a mint at the city of New
York. We have under consideration a proposition for
the establishment of a mint in California. This will be
another means of keeping down the accumulation of
bullion. This whole subject is under the consideration,
and will secure the continuous attention, of the
Committee on Finance. I know that it is an affair in
which my friend from New York, the chairman of the
committee, who is now absent, takes a deep interest.

There are, I am aware, difficulties attending the
subject; but I was not aware of the difficulties in New
Orleans, stated by the honorable senator from
Louisiana. I did not know that there was any
deficiency of salary, or any difficulty in obtaining
persons to discharge the duties of the various offices
there, for the compensation now given. I concur with
him that that is a matter which demands the attention
of the committee. I understand, sir, not from any
official source, but from one in which I put entire
confidence, that at the mint at Philadelphia there has
been some difficulty, some chemical difficulty, in
separating the alloy from the gold which has come
from California, and that has been one cause of the
delay which has occurred. The Committee on Finance
have the whole subject under consideration.

Mr. COOPER. Mr. President, I have but a word to
Say, sir, upon this subject. I have been in
correspondence with a very worthy gentleman in
Philadelphia in relation to it, and that correspondence
I shall take the liberty of handing to the Committee on
Finance. | shall not say a word in relation to that part
of the subject now under discussion; but I desire to say
a word in reference to the mint at Philadelphia, and its
capacity to perform the work that is necessary to be
done. It is true, as the honorable senator from
Virginia has said, that there has been some chemical
difficulty in separating the alloy from the gold which
has come from California. The mint has capacity to
coin much more than is likely to come from California
or any other quarters at any time. Arrangements are
now being made which will greatly increase its
Capacity in that respect; and I will add that in the
assayer's office, where the difficulty which produced
the delay has existed, there are likewise means being
taken to remedy the evil. In a short time, I am
informed, the mint at Philadelphia will have sufficient
capacity to coin at the rate of $3,500,000 a month at
the least; and there is communication now on the table
of the Senate, or in the hands of the Committee on
Printing, from the director of the mint in Philadelphia,
which shows the capacity of the mint to do all the
coining that will be required. Its capacity for that

purpose is abundant, and more than abundant. I have
stated this, in order that the Senate my know that there
is no want of ability in the mint in Philadelphia to
perform all the coinage that is necessary, or that will
be required.

Another branch of the subject referred to by the
honorable senator from Massachusetts, [Mr.
WEBSTER. ] as I have remarked, has been treated of
in a number of letters by a distinguished gentleman of
Philadelphia, who is thoroughly informed on the
subject. He takes, in one respect at lease, precisely
the same view of remedying the difficulty as to the
quantity of coin that is locked up in the mint and in the
hands of sub-treasurers; and he suggests the same
measure of relief which the senator himself does. I
will take the liberty to hand to the committee the
letters of the aforesaid gentleman; and I am sure they
are worth their perusal, coming as they do from a
practical man, who is constantly engaged in
commercial and money transactions.

Mr. PEARCE agreed substantially with what had
been said as to the importance of making provision for
only prompt coinage of bullion in the United States.
He only desired to add, that the subject had received
some consideration from the Committee on Finance.
A communication was before that committee, from
the superintendent of the mint, stating all the facts, and
going to show the inadequacy of the mint, in its
present condition, to do the work required. One
reason assigned was that the steel apparatus which has
been long in use had become inefficient; and it was
necessary, furthermore, to renew the boilers, which
could not now be worked up to their original capacity.
A part of the structure had also become so far decayed
that it could not resist the pressure of the apparatus.
The Committee on Finance, in view of these
circumstances, had introduced appropriations into the
deficiency appropriation bill which had just passed this
body to remedy that difficulty; and he understood that
when these appropriations should come to be applied,
the present inefficiency of the mint would be so far
remedied that the quantity of coinage would be
increased a hundred per cent.

Mr. WEBSTER said that he did not intend to extend
the remarks already made upon this subject. He had
no doubt that the duties of the office of superintending
the mint at New Orleans were of a highly responsible
character, and that the salary now given was wholly
inadequate, especially considering the heavy bonds
required. The other matters alluded to by various
gentlemen were under consideration by the Committee
on Finance, and he had not the least doubt that they
would give them proper attention.

Mr. MANGUM. I desire to learn from the
Committee on Finance whether the subject has ever
been considered in this aspect--that some initiative
measures, looking ultimately to the establishment of a
branch mint in California, should be taken, in order
that the gold obtained from the mines in that country
may be assayed there. I hope that this matter will be
taken into consideration when this general subject shall
come before the Senate in all its aspects; for, though
I know but little about the details, I apprehend that
those small holders of gold in California must
necessarily be subjected to a great deal of loss in
transporting it to this country or England, particularly
the gold dust, on which they will lose, perhaps, one or
two dollars to the ounce. The government is not
prepared at this time, nor perhaps at any very early
day, to establish and put into successful operation a
branch mint in California; but cannot some preliminary
measures be introduced by which the gold shall be
assayed into a proper degree of fineness, so as to be
worked into bullion, in order that the original holders
shall not be subjected to such great losses? Will it not
be safer for transportation? I was originally, sir, one
of the member of the Senate who went into the policy
of establishing branch mints in the county, the
importance of which was very much doubted by
some. I think that at New Orleans a branch mint is
vastly important; and I have for years thought that the
establishment of a branch mint in New York was
strongly called for by the public and commercial
interest of the country. Now, while I should feel
disposed to vote for any measure that has been
properly matured, I shall be very much gratified to see

a branch mint established in California, by which the
small holders will not be subject to these losses, which,
though small in themselves, amount to a large sum in
the aggregate.

Mr. HUNTER remarked that the matter to which
the honorable senator from North Carolina alluded
was one which had been considered, to some extent,
by the Committee on Finance. The measure had been
proposed, he believed, by the senator from Missouri,
[Mr. BENTON,] who was preparing to offer some
amendments for the purpose of establishing a mint in
California. He expected that the only difference of
opinion would be, whether it would be expedient to
establish a mint, or simply an office for the assaying of
the metal. There was no question but that something
of the sort was required in the country.

Mr. DAWSON. Mr. President, while suggestions
were being made to the Finance Committee, an idea
was suggested to me by what was said by the
honorable senator from Louisiana, with regard to the
difficulty of procuring an officer to take care of the
public funds, and the revenue derived from the
customs in the port of New Orleans. It is said that no
competent man can be found to take possession of that
office, and give bonds. While this committee is
considering this question, would it not be proper to
consider the question of depositing the public funds in
some sections of the Union, under these
circumstances, in some of the banks? As I understand
it--there is no sub-treasurer in the city of New Orleans
who is willing to take possession of the funds, and
give the requisite bonds for the safety of these funds.
I merely suggest to the committee to examine, and see
if some arrangement should not be made, so that,
under particular circumstances and in particular places,
deposites may be made in the banks of the State. And
I submit to the honorable senator from Louisiana,
whether the revenue of this country would not be safe
in the banks of the State of Louisiana, or of the city of
New Orleans, and whether, under existing
circumstances, it would not be prudent and proper, on
the part of the government of the United States, to
make some arrangements so as to secure these funds

better than they are now secured there. I concur most
willingly with the senator that the salary of $2,500
dollars will induce nobody to take this office, with the
responsibility of the large amount of money that is
there. Would it not be the part of wisdom--would it
not be proper-- to examine seriously into this question,
and reflect upon the propriety of disposing of the
funds by depositing in the State bank?

Mr. DOWNS. In regard to what the honorable
senator from Georgia has said, I must say that, not
withstanding the difficulties that now exist in New
Orleans, the question of changing the laws and
authorizing the deposites in the banks does not meet
my approbation. I had considered that some means
will be found to remedy the evil in a different way
from what the senator recommends. We have had in
New Orleans and elsewhere some very serious failures
of banks. We had there at one time sixteen banks, but
we have now but three or four in existence; and sad
experience has taught us a lesson which will not be
soon forgotten, and has had such effect upon the
legislation of the country, that the new constitution
has prohibited not only the creation any new banks,
but even reviving the charters of the old ones. So far
has the feeling been carried that, at the session of the
legislature now closed, in regard to one of the banks
in which the citizens of the State may be more
interested than in any other, and when the opinion was
held by many of the bar that it had been put in
liquidation under such circumstances as not legally to
lose their charter, even when the legislature passed an
act in conformity with this view, the sanction of the
executive of the State was withheld.

Whatever opinion may prevail elsewhere, I must say
to the honorable senator from Georgia, that to deposit
the public money in the banks of my State would be
considered the most unsafe way of taking care of it
possible. A large portion of the banking business of
that State--exchange, discount, and deposit--is done
now, and has been done for several years, as safely as
it could be, and as much to the satisfaction of all as it
ever has been --so much so, that now we consider the
problem of individual houses as completely solved,

that in the city of New Orleans, where so much
business is done, the most active trade existing, the
exchanges being immense and thought heretofore to
need the assistance of the banking institutions of the
country, it is now believed that they get along just as
well without banks, and perhaps better. I am glad the
honorable senator has mentioned the subject, because
I have had a kind of impression, which I hope and
trust is erroneous, that there is in some quarters a
disposition not to perfect the present treasury system--
not to cure the evils which surround that department--
but to let them run on, and mayhap increase them, in
order that the present system, which has worked so
well, may run into discredit; and the idea that public
and private funds cannot be safe anywhere but in
banks is to be revived. If there is any such idea in
any branch of the executive of the government, or any
such proposition to be made to the legislative
department, I tell gentlemen before hand that it shall
have my most decided hostility and opposition. An
though my experience here is short, and but little
known, it happens that in my own State my experience
in regard to this matter of banking has been
considerable. Few men, perhaps, of my age and
experience in public life, have had as good
opportunities of examining and seeing, in all their
phases, the operations of banks, and the evils which
arise from them that I have, from the long and
interesting controversy that has existed in my own
State upon the subject, in which the good sense and
sound judgment of the people triumphed. I shall
consider it as one of my most imperative duties here or
elsewhere to sanction no proposition or course which
shall have a tendency to throw us back upon our
former course. The minds of the community have
been enlightened upon the subject of banks. Many of
the States have discarded them altogether, and the
feeling seems to be progressing through all of the
States; and I hope that the United States will never go
back again. Let us set to work, instead of complaining
of the evils here. These evils have existed heretofore.
Our former administrations have got along with them,
and I hope the present will been able to do so. But, be

that as it may, I think it is too late to expect that from
a temporary inconvenience it will be necessary to yield
to the influence of banks, and fall back upon our
former course. Now sir, anxious as I am that the mint
in New Orleans shall go on successfully, if it cannot be
done in any other way than this, I, for one, shall be
opposed to it.

DATE: May 29, 1850
TOWN: New York
SOURCE: New-York Daily Tribune

THE NEW COINS

We are indebted to W.E. Du Bois, Esq. of the U.S.
Mint, Philadelphia, for specimens of the new coins
provided for by Mr. Dickinson's bill, which has lately
been referred to the Finance Committee of the Senate.
The three-cent piece, which is three-fourths silver and
one-fourth copper, is little smaller in circumference
than a half-dime and about two-thirds the thickness.
It could hardly be mistaken for one in the pocket. One
the face is a Phrygian cap, surrounded by rays, with
the word "Liberty" upon it, and "1850" underneath; on
the reverse the number "III," circled by a sprig of
foliage, outside of which are the words "UNITED
STATES OF AMERICA." The new cent is about the
size of a dime, with a large hole in the center,
ostensibly to give it greater circumference, though this
feature will be very convenient, by distinguishing it, in
the pocket, from all small silver pieces. On one side it
has merely "Cent," and "1850;" on the other "U.S.A."
and "ONE-TENTH SILVER." The edges of both
coins are not milled. Their design and execution strike
us as admirable in every respect. The cent is of a light
reddish-gray color, and not more than one-eighth the
weight of the copper cent. If the bill should pass,
which there seems no reason to doubt, this coin will be
the greatest improvement which has ever been
introduced into our currency. The three-cent piece is
intended to be paid at the Mint, in exchange for the
small Spanish money, now in circulation, at its current
value. Its adoption will suggest another reform--the
reduction of letter postage to its value. At any rate, let
us have these two light, elegant and convenient coins
first, and then we will talk of what follows.

DATE: July 16, 1851
TOWN: New York
SOURCE: New-York Daily Tribune

THE THREE-CENT
PIECES

By the following letter from William L. Hodge, Esq.,
Acting Secretary of the Treasury, to the Postmaster-
General, it will be perceived that an arrangement has
been made with Messrs. Adams & Co., by which
Postmasters are to be supplied with three-cent pieces
on remitting the amount to the United States Mint at
Philadelphia, which they may require within reasonable
limits; and that such other arrangements are made and
will be made for the distribution of this coin as will
conduce to the public convenience.

TREASURY DEPARTMENT, July 12, 1851.

SIR: I return the letter from the Postmaster at Troy,
on the subject of a supply of three-cent pieces, and, in
reply, I have the honor to state that the Director of the
Mint at Philadelphia has made an arrangement with
Adams & Co's Express, to transmit this coin to parties
at other places requiring it, and if the Postmaster at
Troy, or any other of the Deputy Postmasters on the
line of the Express, will remit the needful amount to
the Mint, the three-cent pieces will be sent and
delivered to them free of expense or risk on their part.

I would observer, however, that the demand for
three-cent pieces is so general and so large, that the
postmasters must endeavor to be as moderate as
possible in their calls until arrangements are completed
for a more extended and rapid coinage of them.

The public depositaries at the following places, viz.,
Boston, New-York, Baltimore, Washington, Norfolk,

Charleston, Savannah, Pittsburgh, Cincinnati, and
Buffalo, are regularly supplied with this coin, and
those postmasters in their respective vicinities may
perhaps find it more convenient to obtain a supply
from them.

The Branch Mint at New-Orleans has also
commenced the coinage of these pieces, but as yet no
arrangement has been made for sending them from
thence to distant points, but they will be issued to any
public officers who may desire them in exchange for
other American coin, and those places situated on the
western waters can, through the officers of steamboats
trading to New-Orleans, readily obtain any moderate
supply which they may require.

Very respectfully, your obedient servant,
Wm. L. Hodge
Acting Secretary of the Treasury

Hon. N. K. Hall, Postmaster General

DATE: February 26, 1852
TOWN: San Francisco, CA
SOURCE: Daily Alta California

U.S. Assay Office

United States Assay Office,--A Card.--CURTIS,
PERRY & WARD, beg leave to inform the public that
the "Contract for Smelting and Assaying Gold in
California authorized by Act of Congress," held by the
late firm of Moffat & Co., has been transferred and
continued to them by the Treasury Department. They
take great pleasure in announcing to the public, that
they have received instructions from the Treasury
Department authorizing the issue from the United
States Assay Office, of ingots of the denominations of
Ten and Twenty Dollars, and that they are prepared to
issue the same.

The Tens will have a fineness of 884 thousandths,
and will weigh 262 7-10 grains. The Twenties will be
of the same fineness, and will weigh 525 4-10 grains.

No more coin will be manufactured bearing the
stamp of "Moffat & Co." and that already issued will
be redeemed whenever demanded.

CURTIS, PERRY & WARD

DATE: November 16, 1852
TOWN: Boston
SOURCE: Daily Evening Transcript

$50 SLUGS

The great topic at present is to devise some means
to avert the evil which threatens every class of
business, brought on by the injudicious and oppressive
act of the last Congress, relating to the receipt of
ingots (slugs of $50 value) at the Custom House. The
Collector, by the order of the Treasury Department, is
not warranted in receiving these ingots in payment of
government dues, and the consequences is a panic
among the business community. There does not at
present exist enough American coin to pay the duties
on five foreign cargoes. Several excited meetings have
been held by the merchants, at which Mr. King was
present, and he has finally agreed to take such personal
responsibility as shall admit of the receipt of California
coin, with bonds of indemnification from those who
tender them. The two parties are tilting vigorously at
each other on this question, each endeavoring to make
it a weapon to defeat the opposite party. The act is
plainly one of a Democratic Congress, and Mr. Corwin
is not considered as responsible for its onerous results.
Messrs. Gwin and McCorkie, anticipating the storm of
public indignation awaiting the receipt of this news,
made immediately for the mines on their arrival. They
are now stumping it though the interior.

DATE: February 18, 1853
TOWN: Washington
SOURCE: Daily National Intelligencer

THE COINAGE AND
SEIGNIORAGE BILL

Since the passage of the bill to regulate silver coinage
and seigniorage, Mr. BROOKS, of the House of
Representatives, has addressed to his constituent the
following letter:

HOUSE OF REPRESENTATIVE,
FEBRUARY 15, 1853.

The House of Representatives has just passed what
I consider the most important bill of the session, and
I feel tt may duty to ask, through the public press, the
immediate attention of my constituents to its
provisions. The bill was passed in one of those
"spasms" to which Congress is so often subject,
without any thing like a fair consideration, and under
the pressure of the previous question. The bill enacts
into law the following propositions:

First. A change in the weight of silver half dollar
from 206 1/4 grains, its present weight, to 192 grains,
and a like reduction of the quarter dollar, dime, and
half dime, the reduction being 6 91-100 per cent in
weight.

Second. The limitation of the half and quarter dollar,
dime, and half dime to a legal tender for five dollars
only.

Third. Prohibition of silver deposits at the mint for

their coinage, except by the treasurer of the mint, or
under authority of the United States.

Fourth. A charge to the depositors as seignorage
or brassage, in addition to the charges in the act of
1837, upon all gold cast into bars or ingots, as well as
coins, of one-half of one per cent.

Fifth. A new gold coin of three dollars.

The bill passed is known as Hunter's coinage and
seigniorage bill, which was reported in the Senate
March 8, 1852, and which afterwards passed the
Senate, without any thing like debate. The bill is
therefore about a year old, and it was framed upon the
calculations of the relative intrinsic market value of
gold and silver made at the mint over a year ago. Mr.
Eckert, the director of the mint, wrote in January,
1852, to the Committee of Ways and Means of the
House of Representatives:

"Before calling your attention to such weights for
the silver coin as it might be desirable to establish
under the proposed golds standard, it is important to
know the intrinsic value of silver bullion compared
with gold. From data obtained for this purpose from
the well-known bullion dealers of New York, Messrs.
Bebee & Co., compared with the price of silver bars in
London, I infer that the relation of gold to silver is
about 1 to 15.522; so that our dollar in silver, to be at
par with the dollar in gold, should weigh but 400 1/2
grains, or 12 grains less than its actual weight.

"The weight proposed by the Department for the
silver dollar is 384 grains. This is a reduction below
the old weight of the dollar of 6 91-100ths per cent.;
below the true par of silver with gold, (in which the
dollar should have, as before stated, 400 1/2 grains,)
the reduction is 4 12-100ths per cent."

Aware that the intrinsic market value had decidedly
changed since Mr. Eckert made his calculations, I
addressed a letter to B. Berend & Co., Bullion
Brokers, Wall Street, who returned me the following
answer:

"NEW YORK, FEBRUARY 7, 1853

"Hon. JAMES BROOKS.

"DEAR SIR: Your letter of 5th, inquiring for the
present relative value of gold and silver, and what in
consequence would be the reduction in percentage of
the silver coin, as proposed in the bill of Mr. Hunter,
was this morning received, and in reply we beg to say
the present premium on silver being 4 per cent., the
relative intrinsic value of silver bullion compared with
gold is about | to 15.372. A dollar in silver to be at
par with the dollar in gold should therefore weigh but
396 grains, or 16 1/2 grains less than its present actual
weight, and thus the proposed reduction is only about
3 per cent.

"Yours, respectfully, B.BEREND & CO."

January a year ago, then, according to Mr. Eckert,
the Director of the Mint, the reduction on the bill
passed is but 4 12-100th per cent, below the true par
of silver; and now, according to Berend & Co., the
reduction is only about 3 per cent. I have come to the
conclusion, therefore, that the deterioration of the coin
in quantity 6 91-100, but in quality only 3 per cent., is
a deterioration of the coin without any adequate
compensation, in not going sufficiently below the
premium on silver change, which is 5 per cent., and on
half-dollars 4 to 4 1/4 per cent. I apprehend,
therefore, that Congress is again debasing the coin, as
in 1834, for no good purpose.

The bill, as it has passed, imposes upon New York
the necessity of an immediate establishment of an
assay Office, and an office for the making of bars and
ingots of gold, either by private enterprise or under the
authority of the State. The bill imposes seigniorage of
one-half per cent upon all gold coined or cast into
bars or ingots, which, upon the fifty millions of gold
brought into New York, is a tax of $250,000 per
annum upon its owners or depositors. The seigniorage
applies to bars or ingots, as well as to coin; and this
charge is in addition to the five cents per ounce under

the act of 1837 for "refining," "toughening," "alloy,"
etc. Under such a law it becomes too expensive for
holders of gold any longer to incur the expense of
transmitting gold to and from Philadelphia, and hence
the immediate necessity of establishing some
authoritative office in New York for assaying gold and
casting it into bars and ingots. There is nothing in the
Federal Constitution forbidding our casting bars or
ingots of gold. No States shall "coin" money.--(Sec.
9 Constitution of the United States.) But there is
nothing in the Constitution which forbids a State
casting bars or ingots. A State Assay and Ingot office
would thus save you from this seignorage tax, and no
doubt, when it has established character, have all the
authority and consideration of a United States Mint.
It would seem important, therefore, before the State
Legislature adjourns, to make immediate application to
that body, in order to obtain State sanction and
dignity.

The bill is so important that I send it to you, just as
it has passed the two Houses of Congress, awaiting
but the "approval" of the President to become a law.
To hope for amendment or valuable alteration in this
Congress is hoping against hope. The House of
Representatives that passes under the pressure of the
pervious question in the morning hour only, a bill
changing the whole currency of the country, and
tempting by a premium of half of one per cent. the
export of gold to Great Britain, where no such
seigniorage exists, but realizes the deplorable pictures
of Congressional legislation which Méessrs.
VENABLE, of North Carolina, and STEPHENS, of
Georgia, are drawing, as I write this letter, at my desk.

To attempt to do business properly amid such scenes
as these gentlemen truthfully describe I have found
impossible, though not without some training in the
wild and often tempestuous Ward meeting of New
York; and hence all efforts to resist this bill were about
as useful as would be an attempt to get a hearing in
Broadway at noon day, amid the peals of the fire alarm
bell on the City Hall, with some hundred fire engines

rolling over the pavements, and some hundreds of
firemen blowing their trumpets and screaming to the
"top of their bent."

Yours, respectfully, JAMES BROOKS.

DATE: February 19, 1857
TOWN: City of Washington
SOURCE: The Daily Union

Improvements of the
United States Mint

Mint of the United States
Philadelphia, February 16, 1857

The following communication, resolutions, and
report are contained among the proceedings of the
board of assay commissioners which recently met at
the mint of the Untied States.

The board was composed of the following
gentlemen viz: Hon. John K. Kane, judge of the
United States district court for the eastern district of
Pennsylvania; Charles Brown, esq, collector of the
port of Philadelphia, commissioners ex officio; and Dr.
Aug. A. Hayes, of Boston; Prof. Socrates Maupin, of
the University of Virginia; Major A. H. Bowman,
United States army; and Hon. John K. Findly, of
Philadelphia, commissioners specially designated by
the President of the United States.

The following communication was received from the
director for the mint, viz:
MINT OF THE UNITED STATES,
Philadelphia, February 9, 1957.

Dear Sir: I desire to call the attention of the board
of assay commissioners now convened to the
circumstance that, within a recent period, important
and material improvements have been made in the mint
edifice, for the purpose of rendering it entirely fire-
proof, and to give additional security to the treasure
deposited in its vaults.

These improvements have been made in
consequence of an appropriation made by Congress on
the recommendation of Hon. James Guthrie, Secretary

of the Treasury, to whom it was suggested that the
building was insecure, and the arrangement of the
rooms appropriated to the different branches of
business might be materially improved.

In view of this subject, I respectfully suggest to the
board whether it might not be advantageous and
proper that an examination of the mint building be
made, and an inquiry instituted whether any further
improvements are necessary to render the mint more
efficient or give addition security to the bullion and
coin deposited therein, and whether any addition
facilities are required for the annual assay at the mint.

I have the honor to be, with great respect, your
obedient servant, JAMES ROSS SNOWDEN,

Director of the Mint.

Hon. John K. Kane.
Chairman of the Board of Assay Commissioners.

Which communication having been read, was, on
motions, referred to a committee composed of Dr.
Hayes of Boston, Prof. Maupin of Virginia, and the
chairman of the board of commissioners, Judge Kane.

Subsequently--on the 11th of February--the
committee reported the following resolution, through
Dr. Hayes, which was, on motion, unanimously
adopted by the board, viz:

Resolved, That the committee to whom was referred
the communication from the director of the mint be
allowed to report after the adjournment of the board,
and that the report then may be placed upon the
record.

Report of Committee

The committee to whom was referred the
communication addressed by the director for the mint
to the chairman of the board of assay commissioners
report that, in accordance with the suggestion of said
communication, they have examined the mind edifice,
and the interior arrangements for conducting the
coinage.

They have witnessed with satisfaction the changes
and improvements recently made in the building. They
appear to have been judiciously planned, and executed
in such a manner as to give the highest security against
fire from within or without. Iron and brick-work have
been substituted for wood in almost every part of the
building. Thin board floors have been laid in most of
the rooms from considerations of comfort and
convenience, but they rest directly upon iron and
bricks in the manner of a thick carpet, and every
safeguard has been added to render them secure from
fire.

In its present condition the edifice may be justly
regarded as eminently fire-proof.

The rooms for receiving deposites for melting,
assaying, separating, rolling and cutting, adjusting,
coining, and finishing, were visited, and found highly
satisfactory in all their arrangements for the despatch,
economy, and accuracy of the various operations
conducted therein. Very perfect ventilation and
abundance of light are also secured in all the rooms in
which the nature of the operations carried on renders
these provisions necessary. An apparatus for
warming, which during the late cold weather has
proved satisfactory, has been substituted for former
imperfect arrangements, and which is also secure,
while various conveniences essential to health are
complete.

The several vaults for the deposite of bullion and
coin appear to be secure--from fire they certainly are;
and, with a single exception, they may defy the
ingenuity and perseverance for the burglar, and with
respect to this exception means are about being taken
to render this vault entirely secure.

A laboratory for the mint is now being fitted up in
the basement of the building, and, when completed,
will leave nothing to be desired for the present to
render the building complete in all its arrangements for
the efficient prosecution for the various and important
Operations directly connected with the coinage.
Experience, the progress of discovery may be
expected, will from time to time suggest further
additions and changes; but the same enlightened policy

which has dictated the recent improvement will
doubtless be directed in future to continue the
institution in the responsible position of high efficiency
and reputation it now occupies, in giving uniformity to
the coinage of the country.

The committee deem it not inappropriate to give
expression on the present occasion to the high
gratification they have experienced in witnessing the
evidences afforded by the recent assay of the skill,
accuracy, and fidelity with which the various
departments of the coinage appear to be conducted.
In regard to the annual assay, we may remark that
proper facilities are provided for conducting the same,
and that the committee cannot suggest anything
further which is desirable on this point. In the assays
made in accordance with the rules adopted by the
board, the samples were selected in such a manner that
the officers of the mint were unacquainted with the
sources from which they were taken, and the
processes were carried on under the constant
inspection for the members of the commission. The
results showed a correspondence with the legal
standard, and the trials were highly satisfactory. In
conclusion, the committee take pleasure in stating that
the institution, in their opinion, is conducted and
maintained in such a manner as to merit the highest
confidence of the government and the public.

Aug A. Hayes}

S.Maupin _} Committee
J.K. Kane ‘

DATE: September 18, 1857
TOWN: _ Brooklyn, New York
SOURCE: The Brooklyn Daily Eagle

Loss of the Central
American

ONLY SIXTY LIVES SAVED!

The most appaling event we have been called upon
to record since the loss of the ill fated Artic, is the
total loss of the Steamship Central America, with
nearly all that were on _ board.--The following
despatch from Charleston embodies all the information
as yet received:

Charleston, Thursday, Sept. 17.

The Steamship Thomas Swann, from new york, has
arrived at this port, and reports having spoken, on the
15th inst., about 15 miles north of Cape Hatteras, the
Norwegian Bark Eloise, which had on board forty of
the passengers of the Steamshop Central America.
The passengers state that the Central America
foundered on the 12th inst., and that only sicy out of
over five hund passengers were saved. Nothing is
mentioned concerning the specie she had on board.

No mention is made of the remaining twenty of the
saved who were not on board the Eloise. As near as
can be ascertained at present, the total numberof lost
and saved is follows:

Number of Passen get .i..cscscsecs dens orsxssess oP
Number of Officers and crew.................... 101
Total on Board 625
RE AN cg _ 60
CCE ae Sr aera 506

She carried treasure to the amount of a million six
hundred thousand dollars, and a valuable argo and
mails from the Pacific. On the eveninfg of the 9th the
heavy gale, which has proved so destructive on our
Southern coasts, set in from the northwest, and it
came to its height on Saturday, 12th inst., when it
blew a perfect hurricane. And it was in this awful
tempest that the Central America foundered, carrying
down with her five hundred souls.

The Central America (nee George Law,) was
considered as one of the staunchest of vessels, and
excellent sea-boad, and her owners had full confidence
in her ability to weather the gale through which the
other steamers passed in safety. She was buyild in
1853, by William H. Webb, for the United States Mail
Steamship Company. Whe was constructed of the
best materials, and all her planking was bilited
edgewise through and through. Only three months
ago she was taken on the dry dock and thoroughly
overhauled and partly recoppered; the main portion of
it still being in good order.

THE STORM.--The storm is described as one of the
most terrible ever experienced along the Southern
coast, and the damage to shipping has been very great.
The steamer Norfolk, running between Philadelphia
and Richmond, Va., was wrecked, but fortunately all
her passengers and crew were saved. The following
account of the wreck is given by a passenger:

The steamship Norfolk, Capt. J.R. Kelly, which left
Philadelphia on Saturday last, at 9 o'clock A.M., for
Norfolk and Richmond, with twenty-six passengers,
and a crew composed of twenty-one person, and laden
with a valuable cargo of merchandise, encountered a
heavy gale from E S. E on Sunday evening, which
continued to increase in violence during the night;
between 10 o'clock P.M., and 4 A.M., she sprung a
leak, carried away jib, spanker,a nd fore spencer, and
to lighten her , a large potion of cargo was thrown
overboard. Her head was then turned toward the
beach, with the view of runnering her on, to save the
lives of those on board, but the rudder broker off, and
she was left a helpless wreck, in a violent gale and
heavy sea, and at daylight on Monday broke into

pieces, then about 10 miles south of Chincoteague, the
passengers and crew barley having time to take to the
boats, saving nothing but what clothes they had on
before she went down, and was lost entirely from
view.

Further Accounts This Morning--More of
the Passengers Saved.

A telegraph despatch from Norfolk, Va. this morn-
ing says: Twenty-six females were saved from the
Central America, by a brig which had arrived at the
Hampton Roads.

Another despatch says 50 passengers were taken
off the wreck by a Moravian bark reported off the
Hampton Roads.

All the officers of the Central America perished
except Mr. Frazier, the Chief Engineer.

Engineer Ashby abandoned the vessel in a boad.

The above vague announcements are all the
additional information received this morning, but
they are readily believed as they not only bring the
cheering news that at least eighty lives have been
saved, but lead us to hope that a greater number of
the passengers may have been picked up by other
vessels. The excitement in New York is intense.

It was announced in Wall street, this morning that
the Underwriters would pay the insurance on the
treasure on board the Central America on demand,
on prsenting the legal proofs without waiting the
time allowed by the policies.

[By Telegraph]
Forty-five More Saved.
SAVANNAH, Sept. 18.

The bark Saxony arrived here this morning with five
of the passengers of the Central America. She reports
the total loss of the vessel, treasure and mails, and
about6 five hudnred of the passengers and crew. She
reports that forty women and children were saved by
the brig Marine of Boston. The sea was very heavy.

Forty-nine other passengers of the Central America
were picked up by the Saxony, were H.H. Childs, of
the firm Childs & Dougherty, of New York: Jabez
Howes, of the firm of George and Howes & Co., of
San Fransico; George W. Lock, of Maine and Adolph
Fredericks of San Francisco.

DATE: September 19, 1857
TOWN: _ Brooklyn, New York
SOURCE: The Brooklyn Daily Eagle

Central America

THE CENTRAL AMERICA --VESSELS SAILING
UNDER FALSE COLORS.--When the recent
calamity on the ocean, burst upon the public,
everybody wanted to know what vessel the Central
America was. Nobody suspected that it was the old
George Law under a new name. It is quite a common
practice, when a steamer is considered worn out and
unseaworthy, and even when formally and legally
condemned, to touch them off with a little paint and
emblazon a new name over the wheel house, when the
vessel is launched as an entirely new craft. Numerous
tow boats in the river may be seen with one name on
the stern and another on the wheel-house. We may
mention the case of a boat now traversing the North
River as the Broadway, which was first known as the
George Washington, then as the metropolitan and now
sails under her third metamorphosis. The general
principles of action among the owners is to run them
under one disguise or another until they go to pieces
or are blown up; and each of them generally sacrifices
the last cargo of passengers and freight. If such a
practice is reprehensible, and who will doubt it? In
tow boats and large river craft, what shall be said of it
when practiced in the case of ocean steamers, bearing
hundreds of devoted passengers? When the public
have seen the name of one steamer long enough before
them to know that she is old and shattered, it is the
grossest deception to withdraw her and bring her
forward as a new vessel under another name, and
when so much property and human life is at stake the
culpability is atrocious. There ought to be a law
constituting it felony to assume and name for a vessel
except under which she is originally launched.

DATE: October 5, 1857
TOWN: _ Brooklyn, NY
SOURCE: The Brooklyn Daily Eagle

Central America Wreck

THREE MORE PASSENGERS RESCUED

The Bremen bark Laura, from Bremen arrived New
York this morning. She reports that at 2 P.M. on the
20th Sept., lat. 40, lon. 54, she spoke the British bring
Mary of Greenock, from Cardenas for Queeastown,
and took from her J. Tice, 2nd Engineer, and
Alexander Grant, fireman, and S.W. Davison, a
passenger, whom the brig has rescued from the wreck
of the steamship Central America.

Mr. Tice, 2nd Engineer of the Central America
makes the following statement: "From the time of the
wreck I drifted SEVENTY-TWO hours on a plank. |
succeeded in getting into a boat on the fourth morning
after the wreck, and on the fifth picked up also Grant,
fireman, who had been for five days on a part of the
hurricane deck, from which he swam to my boat. We
pulled to the hurricane deck and rescued GW.
Davison, a passenger. Twelve men had once been on
that part of the wreck. Of them George Buddington,
John and Patrick Baule, coal passengers, Eves,
fireman, and six coal passers whose names are not
known, died there. David Grant and myself were
without food or water eight days, the sea all the time
making a breach over us. Two days after the steamer
went down we saw several passenger on pieces of the
wreck but could not assist them.

Mr. Tice saw Captain Herndon just before the ship
went down.

Davison and Grant are sick and badly bruised.

DATE:
TOWN:

July 12, 1862
New York

SOURCE: New York Tribune

SMALL MONEY

When Bank Noes are only redeemed in irredeemable
paper and Specie is said to be at ten to twenty per
cent, premium, ‘change’ vanishes and Shinplasters
show their ill-favored countenances. Grumbling is
easy and natural, but not very effective.

There ought to be a meeting of leading business men
at once to consider and act on the subject of Change.
Something must be done, and it cannot be too soon.

We would suggest for consideration the policy of
enhancing by general consent the nominal value of our
Silver Coins so that they may continue to circulate.
For instance: Let there be a general agreement that,
for the present, a

5 cent coin shall pass for 6 cents,
10 cent coin shall pass for 12 cents,
25 cent coin shall pass for 30 cents,
50 cent coin shall pass for 60 cents,

In giving change for paper, and in all transactions
where payment in coin is not extremely stipulated.

This would save the expense and vexation of
shinplasters--would save us from the rank of
counterfeiting or bankruptcy--and would enable us to
change the rates whenever circumstances shall seem to
warrant it. Why not!

We must have change; we cannot have it by merely

cursing shinplasters when our currency is depreciated.
It were absurd to expect any one to change your dollar
bill and give you back a greater actual value than he
receives. If the above is not the best of the
unwelcome alternative, please suggest a better.

DATE: July 14, 1862
TOWN: New York
SOURCE: New York Tribune

STATIONERY AND
FANCY GOODS

L. STIMSON, Stationer (No. 3 Broad-St., near
Wall). would respectfully inform his customers and
others that as silver change is worth a high premium,
he will, for the present, afford the following
advantages to those paying to him for stationery, via:

5 cents in Silver shall pass for 6 cents;
10 cents in Silver shall pass for 12 cents;
25 cents in Silver shall pass for 30 cents;
50 cents in Silver shall pass for 60 cents;
75 cents in Silver shall pass for 80 cents;
85 cents in Silver shall pass for $1.

All who have Silver Coin at commenced will derived
a handsome percentage by availing — themselves of
this offer.

N.B.--During "the heated term," this store will be
opened at 9 a.m. and closed at 4 p.m.

L. STIMSON, No. 3 Broad-St.

DATE: July 14, 1862
TOWN: New York
SOURCE: New York Tribune

SHINPLASTERS AND
SPECTEIN THE Cry

He who has no specie is poor; he who has nothing
but shinplasters is poorer. No matter how hot the
atmosphere, he must walk in the burning sun because
the omnibus conductor will not change a bill without
the usual discount. He may be parched with thirst, but
he cannot purchase a glass of soda-water because he
lacks the change. He is willing to pay twice the usual
cost of a newspaper, but he cannot afford to pay a
shilling for such a luxury. His boots are rusty, and the
bootblack needs the fee, but the former must remain
unpolished and the latter unfed because there is a
scarcity of change. In this city thousands and tens of
thousand of persons during the past week have been
compelled to walk to and from their places of business
who would gladly have patronized a coach. They have
suffered hunger and thirst; they have submitted to
various inconveniences and annoyances because they
were too poor or too prudent to pay the ruinous rates
of discount demanded by the brokers and bankers.

Speculators seize the opportunity presented for the
gratification of their avarice, and in the face of the
penalty of $1,000 fine, are flooding the city with
shinplasters. | Not less than fifty varieties of
shinplasters are already in circulation, and in some
instances men whose credit is below par are scattering
their promises to pay as though they were
Rothschildses and Astors. The saloon-keeper, the
cigar-dealer, the barber have become bankers, and
issue their notes with as much assurance as though
they had the sanction of authority, while the greedy

corporations and speculators who have got up this
temporary panic are boarding every shilling within
their grasp. For a long time our city railroad
companies and ferry corporations have been sweeping
the small change into their Treasury. They have
refused to receive good current bills and Treasury
notes without discount. In this way the panic
originated, and in this way it is perpetuated. Day after
day, and week after week, these monopolists of specie
have been gleaning from their customers all the change
they could, and selling it for a premium to the brokers.
On Saturday the Treasurer of one of the city Railroad
Companies received about one hundred dollars
premium on the silver taken in that day. Many other
Companies and Corporations did a heavier business
and now they are beginning to reap the reward of
their avarice, for multitudes of persons had rather
walk than submit to such arbitrary and unjust
taxation. The Banks refuse to redeem one, two, and
three dollar notes unless presented in quantities. They,
therefore, are bound in equity to assist in providing
change for the community. It has been suggested that
they issue silver counters, 800 fine, of the
denomination of five, ten and twenty cents. If 800 is
considered too fine let the standard be 750 or
sufficiently low to prevent its purchase for export or
melting. The Banks will be obliged to redeem the
counters ultimately, and the counters will possess
absolute intrinsic value. The Canadians did this to
relieve themselves from financial embarrassment a few
years ago, and the Bank of England did the same thing
during the Napoleonic wars.

DATE: July 15, 1862
TOWN: New York
SOURCE: New York Times

THE SMALL
CURRENCY BOTHER

The 7ribune is generally nothing, if not ridiculous.
It invents absurdities and calls them "timely
suggestions;" to remedy an existing and positive evil,
it devices some fantastic scheme, and presents it
gravely for public approval. One day a political
problem occupies it, the next a financial question
bothers its brain. The riddle that the Spruce-street
Sphinx now puts on its spectacles to read, is of a
different character from those which formerly
occupied its columns, though still one that may be
termed a "social evil." it is the present scarcity of
change in this world of change and changelings, that
our neighbor proposes t obviate; and this is the bill it
brings forward for the relief of small dealers, penny
purchasers and distressed omnibus drivers;

"Let there be a general agreement that, for the
present, a

5 cent coin shall pass for 6 cents.
10 cent coin shall pass for 12 cents.
25 cent coin shall pass for 30 cents.
50 cent coin shall pass for 60 cents.

There is a charming simplicity about the plan
proposed, and it is susceptible of being pushed to an
extent cheerful to contemplate. Nothing will be easier
than to "agree" that a one dollar note shall pass for a
two, for a five, or indeed for any amount that the
wants of the holders may require; thus, the men whose
fortunes now are moderate, will find them double, and

the millionaire, if all come into the "general
agreement," will find himself a billionaire. The only
objection that can possibly be urged against the
Tribune's strategical plan is that it will not at all
change the present scarcity of change. Increase the
value of coin and the value of everything else will
increase in the same measure. Adopt the agreement
suggested, and it will immediately be found that a

5 cent cigar will sell for 6 cents.
10 cent cobbler will sell for 12 cents.
25 cent lunch will sell for 30 cents.
50 cent dinner will sell for 60 cents.

The public would be placed in the position of a cat
chasing its own tail in a vain endeavor to overtake it:
of pushing two parallel lines on to infinity in a vain
hope of their meeting. Our grocers borrowing an idea
from the ingenious device would, perhaps, attempt to
balance their scales, when they had once lost their
equipoise, by adding equal weights to each beam. The
most feasible way that suggests itself when a scarcity
of change occurs is, to remedy the difficulty by making
more, putting afloat either small coin itself or a
representative value. this can best be done as was
indicated in Saturday morning's TIMES. Let the City
Chamberlain receive current funds and issue in their
place checks for the convenient amounts less than a
dollar, as may be desired. Thus, let the demand for
change increase as it may, the supply can only be
limited by the amount of bankable bills in circulation.

DATE: July 16, 1862
TOWN: New York
SOURCE: New York Tribune

SCARCITY OF
CHANGE

The sudden disappearance and general deficiency of
small coin having become a serious obstruction to
trade and a great public inconvenience, many
individuals and companies are issuing shinplasters to
supply the want--a hateful and troublesome substitute
for a prime necessity of civilized life. We proposed,
instead of these unlawful and pestilent issues, that a
general agreement should be had, whereby our silver
coins should, during the suspension of specie
payments, be estimated, received and circulated at
their actual value so nearly as may be, regarding the
dollar of commerce as the standard which it practically
is, thus continuing to employ our coin for the purpose
contemplated in its creation.

The N.Y. Times thinks this proposition "fantastic"
and "ridiculous," and would fain be witty at its
expense. Let us see how it succeeds:

"The only objections that can possibly be urged
against THE TRIBUNE'S strategical plan is that it will
not at all change the present scarcity of change.
Increase the value of coin, and the value of everything
will increase in the same measure. Adopt the
agreement suggest, and it would immediate be found
that a

5 cent cigar will sell for 6 cents
10 cent cobbler will sell for 12 cents
25 cent lunch will sell for 30 cents
50 cent dinner will sell for 60 cents

"The public would be placed in the positions of a cat
chasing its own tail in a vain endeavor to overtake it:
of pushing two parallel lines on to infinity in a vain
hope of their meeting. Our grocers borrowing an idea
from the ingenious device would, perhaps, attempt to
balance their scales, when they had once lost their
equipoise, by adding equal weights to each beam. The
most feasible way that suggests itself when a scarcity
of change occurs is, to remedy the difficulty by making
more, putting afloat either small coin itself or a
representative value."

--We infer that this is smart from its profound
destitution of knowledge and common sense. The
evil which afflicts us is not a dearth of small coin--for
there is as much of it in the country today as there
ever was--but its disappearance from circulation
because of the disparity between its nominal and its
actual value. The dollar of commerce is a paper
dollar, and this is worth but eighty to eighty-five cents
in coin. Of course, no one can longer afford to sell ten
to fifty cents' worth of whatever he deals in and
change a bill for his pay, because he will be a loser by
the operation. The omnibus, the railcar, the grocery,
the baker, refuses to make change, because it cannot
make a practice of doing so without buying change at
a heavy premium. We are hence on the verge of
universal shinplasterism with all its defilements and
nuisances.

The remedy we proffered was in substance this- Let
us all agree to receive silver coin at the ACTUAL
instead of its NORMAL value. Make it the interest of
the holders of change to circulate instead of boarding
it, by receiving it for all it is worth. This is all that is
needed to make change as plentiful as ever, and we
cannot help preferring it to any form of shinplaster.
The quarter-dollar is worth 30 cents in current bank
notes very nearly; their dime is worth twelve cents or
thereabout. Why is it not better to estimate and
circulate silver at its true value, then to let it vanish
from circulation and be replaced by shinplasters.

DATE: August 30, 1862
TOWN: New York
SOURCE: New York Tribune

A SUBSTITUTE FOR
COIN

A friend has shown us a light circular metallic sheath
of white metal for postage stamps of large and small
denominations, the face of the stamp being covered
with a transparent sheet of mica. It is slightly smaller
in diameter than a quarter of a dollar, and is designed
to take the place of small silver coin. The metallic
back is to be stamped with the advertisement of the
house ordering them. Their price to purchasers is $20
or less a thousand; to the general public, only the value
of their face. The idea is not a bad one.

DATE: October 17, 1862
TOWN: New York, New York
SOURCE: New York Times

THE PROPOSED
STAMP
AND MICA
CURRENCY

The Commissioner of Internal Revenue, after an
examination of the mica and metal cases for revenue
stamps, designed to facilitate their use as currency, is
disposed to believe them well suited for the purpose
intended, and sufficiently cheap to justify the
Government in their adoption. They are but little
larger than the nickel cent, and very clean and
beautiful in appearance. The only question, except
that of cheapness, is as to their durability, and even if
the mica should occasionally break, the value of the
stamp 1s not impaired for the use originally intended.

DATE: October 18, 1862
TOWN: Chicago, Illinois
SOURCE: Chicago Evening Journal

A NEW CURRENCY

A new plan for obviating the small change trouble
has been suggested and is being carried out by parties
in Connecticut, which seems about the best expedient
to adopt until we come back to the good old times of
gold and silver. The small stamps now in use are
incased in a small white metal covering, with a mica
face, so that their denomination is easily seen. The
whole is then of exactly the same shape, though not as
large or thick as a quarter dollar: and is as handy in
every respect as ordinary silver change. It can be
furnished at about five per cent premium. An effort is
to be made to induce the Treasury Department to
adopt this style of currency, in preference to the small
bills, which, it is argued, being printed on inferior
paper, will soon become dirty and ragged.

DATE: March 21, 1863
TOWN: New York, New York
SOURCE: Scientific American

NICKEL CENTS

The United States Gazette (Philadelphia) says:--"The
mint is now running its entire force upon nickels. The
cost of making this insignificant coin is nearly as much
as the cost of making double-eagles. The only
difference is that the latter coin is weighed and
adjusted, piece by piece. The nickels are exempt from
any such close manipulation. The labor daily done at
the mint, if expended upon double-eagles, would
produce $40,000 per day. Upon nickels, as it is now
expended, the results are but about twenty-five
hundred dollars per day in nickel. When the currency
question is regulated and specie comes forth from its
many hiding-laces, nickel cents will be like the locusts
of Egypt. They will be so abundant as to constitute a
nuisance. Except for convenience in doing retail
business, they are of small value. In small sums each
nickel represents the hundredth part of a dollar, yet it
is not intrinsically worth even that. Nickels cannot be
used as legal tender, nor for exportation, yet a
fictitious value is given to them by speculation that is
really culpable. To produce them in sufficient
quantities, the nickel-coining machinery of the United
States mint is running even into over-hours."

DATE: May 6, 1864
TOWN: Northampton, MA
SOURCE: Northampton Free Press

P.H. Drake & Co.

Plantation Bitters Ad

From the army hospital-the bloody battlefield-the
mansion of the rich and humble abode of the poor--
from the office and the sacred desk--from the
mountain top, distant valleys and far off islands of the
ocean--from every nook and corner of the civilized
world--is pouring in the evidence of the astonishing
effects of DRAKE'S PLANTATION BITTERS.
Thousands upon thousands of letters like the following
may be seen at our Office.

Reddsbury, Wis. Sept. 16, 1963

One young man, who had been sick and not out of
the house for two years with Scroflua and Erysipelas,
after paying the doctors over $150 without benefits,
has been cured by ten bottles of your Bitters.

EDWARD WOUNALL

100

DATE: June 10, 1869
TOWN: Sacramento, CA
SOURCE: Sacramento Daily Union

The Branch Mint

Our city contemporaries have of late been stirring
themselves with enthusiastic editorials in favor of
removing the Branch Mint from San Francisco to
Sacramento. They urge with much plausibility that as
real estate is cheaper here than at the Bay, more of the
Government appropriation for that purpose could be
laid out in the building, and a better establishment
would be erected than the same money could procure
in San Francisco; also, that this city is closer to the
mines, and, therefore, that something would be saved
in the transportation of bullion, as well as the coin,
which for the greater part will find its way to the East
and Europe over the Pacific Railroad; also, that the
building here would be secure from earthquakes,
which may sometime or other prostrate San Francisco,
Mint and all. The UNION has not encouraged this
movement; first, because we have advocated the
policy of allowing the public institutions of the State to
remain where they were fixed by law; second, because
we think this is the sense of the majority of our leading
citizens; third, because we don't believe that enough
would be gained for Sacramento by the removal of the
Branch Mint from San Francisco, to justify the
enmities we should make, and the use we should run
in taking this institution from San Francisco, even if
we could do so; and forth, because we don't believe
either the Government or the business of this coast
would be materially gainers by the change proposed.
The Mint should be located at the commercial center
of the State. It is in such centers that the heavy money
establishments of all nations are fixed. We believe,
too, that San Francisco in five years will become more
convenient to the bulk of the bullion shippers in the
direction of California than Sacramento; for the

10]

Southern Pacific Railway will tap a larger and richer
country than all now contributing to the Mint from this
State. Moreover, the Carson Branch Mint is likely to
do all the coinage for Nevada and Idaho, if our Branch
Mint comes to Sacramento. But if it were a
conceded fact that the Mint will cost less here than at
the Bay and accommodate the public as well, still it is
not Sacramento that ought to attempt to unsettle the
location of that institution or any other in the State.
When small politicians, legislating for their own
sections rather than the public good, sought to remove
the Capital from here, San Francisco very properly
opposed them, and the Capital remains fixed forever.
We submit that it would not be the most honorable
conduct in us, as soon as this advantage has been
secured, to stultify our own professions and do against
our friends the very act which we then proclaimed was
mischievous and impolite. If it is said that the Branch
Mint is not a State, but a National institution, we
reply, that argument is in principle a distinction
without a difference. It is a public institution which
was located long ago at San Francisco and which
ought to be kept there for reasons quite as good as can
be urged in favor of Sacramento for the State Capital.
Our people would like to have the Branch Mint here,
and any other State or National buildings we can
honorably obtain; but they do not want to obtain it in
such a way as to justly offend those who have helped
them in the reasonable and just effort to secure the
Capital, and to put an end to that sort of local
demagogism which has distinguished itself in years
past by repeated attempts to unsettle every public
institution of the State.

102

DATE: January 9, 1873
TOWN: — Gold Hill, Nevada
SOURCE: Gold Hill Daily News

Dr. Charles Spier,
Numismatist

A Coin Lunatic
[From the Visalia Delta]

It may not be generally known that Dr. Charles
Spier, of this place, is the oldest living and most
successful numismatist in the world. He has been
engaged in the collection of coins for over fifty
years, and has now over 14,000 pieces, representing
every species of coin ever produced in any year or
under any dominion of any sovereign or government
from the days of Semiramis and the Pharaohs down
to the present time. His collection is worth
hundreds of thousand of dollars. He has over
10,000 of his pieces in the vaults of the Bank of
California and his collection is pronounced the best
and most valuable in existence, not expecting those
of Queen Victoria and the Sultan of Turkey, which
are particularly extensive and valuable. A few days
ago we examined the 4,000 of the pieces which he
keeps here. They proved a most interesting study.
Coins of the ancient Jewish Kingdoms; of the
various Kings, Consuls and Emperors of Rome; of
Tyre, Sidon, Carthage, Nineveh, Babylon, China,
Palmyra, Egypt, Japan, etc., with specimens of every
year's coinage in all Christian lands from the time of
Constantine till now, were exhibited in prodigal
profusion. The Doctor has many coins which would
sell for many thousands of dollars each. His
collection has been the work of a very extended life
time. He has traveled nearly all over the world and
is constantly receiving new additions to his pieces

103

from Europe and the East. He has gold and silver
coins from the size or a very large tea cup down to a
pea. We wish we had the space to particularly
describe some of them. The Doctor, who is in easy
circumstances and greatly advance in years, though
still robust for one of his years, remains in Visalia on
account of the excellence of the climate. His
collection is very interesting to any one appreciating
the mementos of antiquity.

104

DATE: April 24, 1873
TOWN: Carson City, Nevada
SOURCE: Carson Daily Appeal

Carson City Mint

MINT.--Day before yesterday 22,000 half dollars were
coined at the Mint. Nobody need to be a mathematical
prodigy to tell the value thereof in dollars. Yesterday
General Slingerland informed us that the receipts of
crude bullion were 1,758 pounds. Last night there
was a shipment made of 22 bars of Crown Point
bricks--about $70,000--sent through W.F. & Co. to
London. This morning 19 bars of Belcher will be sent
to Virginia. Nineteen bars of Belcher ought to be
worth about $68,000. Keep a run of these Mint items
and you will discover that the Crown Point and
Belcher mines are doing a tremendous business.

105

DATE: January 8, 1876
TOWN: Gold Hill, Nevada
SOURCE: Gold Hill Daily News

New Branch Mint

WASHINGTON, Jan. 6 -- The President sent the
following message to the Senate today:

To the Senate of the United States: In reply to the
resolution of the Senate of the 27th of February last,
requesting the President to institute inquires as to the
proper place for the establishment of a Branch Mint at
some point tin the Western States or in the Mississippi
Valley, I transmit herewith the report and
accompanying papers of the Director of the Mint,
who was charged with the duty of making the inquires
called for by said resolution.

U.S. GRANT

Dr. Linderman in his report states that he has visited
the cities of Chicago, Cincinnati, St. Louis,
Indianapolis, Kansas City and Denver and examined
their advantages respectively with reference to the
establishment of a Mint. He says the principal
commercial and railroad centers in the west--St. Louis,
Chicago, Cincinnati, Indianapolis, Omaha and Kansas
City--all offer ample facilities for economically
conducting Mint operations, both as respects the cost
of necessary supplies and that of labor. They also
possess sufficient facilities for distributing coin to the
cities and towns of the Mississippi valley. As for the
coinage of silver, it is not very material which of the
cities referred to shall be selected for the location of
the mint, as under the law such coinage, with the
exception of the trade dollar, must be on government
account exclusively and bullion required for the same
procured by purchase. The supply will come chiefly
from the different reduction and refining works

106

hereafter referred to. It is important, however, to
evade delay and particularly the expense which may
attend the construction of a new edifice, and which
would be accomplished by utilizing some government
building no longer required for other purposes. The
only government buildings in the West adapted to
mint operation are the United States arsenal at
Indianapolis and the United States Postoffice at St.
Louis. The latter will not be vacated until the
completion of the new United States buildings in St.
Louis, which will require some three or four years.
The edifice at Indianapolis, it is believed, is not longer
required for the purposes to which it has hitherto been
devoted, and could be converted into a mint at a
moderate expense within three months. If it be the
intention to establish a mint in the Western States for
the coinage of silver only, and assuming that the
arsenal building can be vacated and turned over for
use as a mint, the true policy would appear to be to
locate it at Indianapolis. Having stated my
conclusions as to the location of a mint for the coinage
of silver, I deem it proper to refer briefly and in
general terms to the minting requirements of the
territory known as the Mississippi Valley. That
extensive and highly productive section will require in
the near future a considerable coinage of gold and
silver, and if the demand is to be made of one mint it
should be located at a point as near the center of the
valley as practicable. Having reference to procuring
cheap supplies and facilities for bullion and distributing
coin, the city of St. Louis--being situated nearer the
center of the valley than any principal city or railroad
center, and possessing equal advantages in other
respects for the conducting of coinage operations--
would appear to be the proper location for the
establishment of a thoroughly equipped mint of a
capacity for both gold and silver coinage equal to the
requirements of the present future.

107

DATE: May 11, 1876
TOWN: Helena, Montana
SOURCE: The Helena Independent

Redemption of Fractional
Currency

A GOOD BEGINNING
Nine Months Required to Redeem Postal Currency

Secretary Bristow commenced the redemption of
fractional currency with Silver last Thursday week
and up to the close of the following Saturday he
disbursed $200,000. At the time the work was
commenced there was $20,000,000 on_ hand,
including $4,000,000 in fine silver in process of
conversion into coin. The business of redemption is
likely to move a little more smoothly this week, and
there ought to be at least a million of this coin in
circulation by this time. At the rate of half a million
dollars a week, it will take forty weeks, or nine
months, to pay out the silver in hand, and about a
year and a half to redeem the whole amount of
fractional currency afloat. The work may be
accomplished in a much

SHORTER PERIOD,
and it is barely possible that it may not be completed
for two years or more. As we understand the bill, it
is optional with the holders of fractional currency to
continue to use it, or to take silver as a substitute.
We think that there ought to have been a period in
the bill when fractional currency should be
demonetized; and that after that period it should be
illegal to use it or any substitute for it, except silver.
This would have brought silver into use as change
during the interval, and would continue to keep it in

108

circulation. There are two reasons, probably, why the
PERIOD OF REDEMPTION

was not definitely fixed. In the first place the
Government has not a sufficient amount of silver on
hand to redeem the whole amount of fractional
currency outstanding, and were it obliged to go into
the market and buy within a given time, a "corner" in
silver bullion might be fixed up against the
Government. Besides, time is required for coining
the bullion and this must be arranged so as not to
interfere with the gold coinage. The Government
has three Mint in operation. During the fiscal year
ending last June, these Mints turned out the
following amounts of silver:

Pidadeiohia. so s5 28 ee Sa es $3,645,500
Sat ERAnGisCOic: 285) i. a, es 4,327,000
(RIGOR Su eee ee ee 2,097,900

Total... SER eee $10,070,400

Of this amount, $5,697,500 was in Trade Dollars
not designed for circulation in this country. The
coinage of these will close this month, and will not
be renewed until the wants of the Government for
subsidiary silver are satisfied. | From present
appearances it will be

MANY MONTHS
before the exigencies of the government in this
particular are met. It is possible that the work of
coining an additional $24,000,000 in silver may be
accomplished within a year, though judged by past
operations it will take at least two years. Another
reason for not fixing any definite period for the final
retirement of the fractional currency is based on
mortuary statistics in reference to that currency.
According to the last annual report of the United
States Mint Director, Dr. Linderman, the average
life of the fractional currency is fifteen months. This
has been definitely ascertained by the fact that the
annual issue is about $36,000,000, while the amount
outstanding has at no time exceeded $45,000,000.

109

Thus, about 80 per cent of these notes is annually
returned to Washington in a damaged condition, or
becomes worn out or lost in trade. The cost of

MAINTAINING THIS CURRENCY

for the past fiscal year was $1,410,700 independent
of the incidental expenses attending redemption.
The entire expense of coining silver to take the place
of the fractional currency will not exceed $900,000.
If we take out the seignorage, this amount will be
reduced about 50 per cent. On the score of
economy, therefore, the silver currency is infinitely
better for the Government than the paper currency,
and would probably not have to be generally
renewed oftener than once in fifty years. Careful
statistics show that the loss from abrasion on silver
coin in constant use is about one per cent in twelve
years. It is interesting to note how

THE HARD CURRENCY

is received in the east. If we except the Pacific
coast, silver coin has been practically demonetized in
the United States for the past fourteen years.
Thousand who have entered business life during the
interval know nothing of silver coin as currency, and
will now begin to handle it for the first time, Older
business men, who were accustomed to its use
before the war, will give it a warm welcome, while
its ring will be music to those born during its
banishment from the country. There seems to be a
Providence in the increased silver production at this
time. But for the cheapness of the article, the first
step toward specie redemption in the United States
would not have been taken last week.

110

DATE: May 11, 1876
TOWN: Helena, Montana
SOURCE: The Helena Independent

Molitor & Co.

GOLD DUST
Good Sales Yesterday
About four thousand dollars in gold dust was sold
at the banks yesterday and to Messrs. Molitor & Co.

Some of it came from Snow Shoe gulch and some
from Blackfoot.

111

DATE: May 16, 1878
TOWN: San Francisco
SOURCE: San Francisco Chronicle

TRICKS IN TRADE

WASHINGTON, May 15.-- The Secretary of the
Treasury today responded to Sargent's resolution in
regard to the suspension of the coinage of trade
dollars, by sending a letter from Linderman and other
official correspondence. Linderman's letter says that
the suspension was because the coinage exceeded the
demand for export, and that owing to a decline in
silver and the appreciation of greenbacks, trade dollars
were being placed in domestic circulation. The
correspondence consists of letters and telegrams from
bankers and Mint officials to Linderman covering the
transactions in trade dollars. Among them is a cipher
dispatch dated October 18th, signed "Gothic," and a
reply addressed to Low dated the 19th, as follows:
"We discontinue the coinage of trade dollars at all
points until the export demand shall again arise for
some other points under consideration."

A translation of the Gothic dispatch is: "Has the
Philadelphia Mint stopped coining trade dollars? Will
this continue? Are you likely to purchase silver soon?"

Linderman's order to the Mint at San Francisco to
stop the receipt of deposits for trade dollars was dated
October 19th, and on the same date an order of the
same tenor was sent to the Carson Mint. On the same
date there was a letter from Linderman to the
Secretary of the Treasury asking authority to stop the
coinage of trade dollars on the ground that a sufficient
amount of trades were on hand at the San Francisco
mint to meet any export demand. This request is
indorsed by Sherman and the authority given.

On the 30th of October, La Grange telegraphed to

112

Linderman that he could not buy silver below the
equivalent of the London rate; that the Bank of
California offered to contract this month's receipts at
120 1/2, and that holders of dore silver were anxious
to deposit for trade dollars.

Linderman replied October 31st: "Cannot alter rule
of purchase. The Secretary, who is absent, will be
consulted."

GIVING THE NEVADA BANK A MONOPOLY.

Though no paper shows this, it appears from
dispatches that Linderman had ordered the purchase at
one per cent below London rate. This is the rate he
recommended in his letter to Secretary Sherman. Low
telegraphed Linderman that his recent instructions
were forcing dore silver into Pacific refineries for fine
silver bars for China, and that trade dollars were
wanted, and unless Linderman had determined to give
the Nevada Bank the entire control of the bullion
business the Mint should be opened for deposits for
trade dollars.

Linderman replied that the fact that nearly two
million trades had recently accumulated in San
Francisco proved that there was little demand for
export and asked, Has this condition ceased? adding,
"We cannot coin trades for any other purpose, nor can
we pay for silver above the market rate. The Mint is
open for deposits of bars. We desire to accommodate
the public, but must keep within the plain provisions of
the law."

In reply Low wrote a long letter, claiming that the
two millions of trades included one and a quarter
million in the bullion fund of the Mint, and that in fact
there was not exceeding five hundred thousand dollars
held outside of the Mint, and that practically all of this
stock was held by the Nevada Bank, who, in
consequence of the order, had advanced them from 96
to 98; that the demand for trades by the local
merchants was unusually large to meet the Chinese

113

New Year, and that the order was forcing Chinese
merchants to remit Mexican dollars when they
preferred trades coined of our own silver. He urged
the resumption of the coinage of trades to meet the
general demand.

On November 2d La Grange telegraphed that the
depositors were clamorous for trade-dollars to meet
the Chinese New Year settlements, and urged the
renewal of the coinage.

November 4th Linderman telegraphed to La Grange,
asking what the demand was for silver for China, and
next day a reply was received that it would greatly
accommodate the public if the Mint could receive
deposits for trades to supply the demand for the
Chinese New Year settlements.

A SINGULAR LACK OF KNOWLEDGE.

On November 4th, Low telegraphed that the trades
in the Mint cannot be considered when estimating the
amount in market, and that all others were held by the
Nevada Bank and did not exceed 400,000, for which
par is asked, and that "fine silver for China yields
better than your (Linderman's) offer. Mint almost idle,
and force should be reduced unless you give it work
by purchase of silver for coinage of trades."

November Sth Linderman telegraphed to the
Superintendent that the Secretary had modified his
order so as to authorize the receipt on and after
tomorrow of deposits at the San Francisco Mint for
returns in trade dollars, and to average coinage so as
to reduce the amount of trade in Mint bullion fund to
a half million dollars and convert the resulting silver
into fractional silver coins.

The same day Linderman telegraphed that deposits
must be received only during business hours, and those
made on the next day for trade dollars should, after the
melt and assay, all be paid pro rata on one day.

114

On November 5th the Carson Mint had orders to
receive deposits for returns in trades equal to the
amount of that coin in the bullion fund of the Mint.

The correspondence was clumsily put together, as if
with purpose of confusing. Instead of attaching to the
telegrams their replies, the later were mixed up with a
lot of correspondence from New York and
Philadelphia bankers. It is evident that the reply to the
Gothic telegram and the order to suspend the coinage
of trades were filed in the telegraph office about the
same time.

115

DATE: July 13, 1878
TOWN: Salem, Oregon
SOURCE: Salem Daily Record

NO DEMAND FOR
THE NEW DOLLAR

The act of Congress ordering coinage of the new
silver dollar, to the extent of two millions of dollars a
month, has now been in force some time, and six or
eight millions of them have been coined, while less
then one million have been forced into circulation.
There was a great popular outcry for "remonetization
of silver," and now that we have it there seems to be
no one who desires to pack about the clumsy coins,
that, even at the discounted weight, that only give
about ninety cents worth of the metal and calls it a
legal-tender dollar, is left alone in the treasury vaults,
while the people are contented to have in their pocket-
books the less clumsy and much more convenient and,
for various reasons, ar more popular greenback.
National currency answers a very good purpose, and
the national credit, made equal to gold, can furnish a
good circulating medium.

All this time, while the people are refusing to make
use of the new silver dollar, the mints are compelled to
keep the coinage up to two millions a month.
Government is going into the markets to purchase
silver, and it is becoming quite a question where room
will be found to store all the unpopular treasure in
safety. When Congress meets in December, there will
probably be steps taken to stop the coinage. We could
never see, from the first, what reason there was in the
silver mania that afflicted the people. They evidently
do no want to use it, and while we may sympathize
with the fact that silver is a great source of national
wealth, and desire to give it all the value possible, still
we cannot expect to induce the nations of Europe to

116

make use of it against their will.--There is a great part
of the world where silver is preferred, and we must
look to that region--Asia--with which we have an
enormous trade, for a market for our silver product.

That silver will always be needed for subsidiary
coins, is no doubt true, but, at the present time, the
product of silver mining is so greatly in excess of the
demand that it seems probable, unless Asia will furnish
a market that can be depended on, that silver will
depreciate more and more in value, and at last become
available chiefly for use in arts and manufactures. We
always looked upon the outcry for unlimited silver
coinage as a mistake, for the simple reason that
national currency forms a more convenient and
acceptable medium of exchange in _ business
transactions. Even gold will not be needed to any
great extent, if our national currency is maintained at
part with it. Gold must be the basis of our foreign
trade, but if our exports continue to exceed our
imports little of it will be needed even for that
purpose. Let our greenback currency be receivable of
all dues and held interchangeable with gold, in fact let
resumption be accomplished, and gold will remain in
the treasury and in the banks, and the business of the
country will be carried on with national notes.

To the extent that the country needs a circulating
medium, the national debt need not be any burden on
the people, and it would be an experiment worthy of
full trial to see how much currency could be kept in
circulation. There should be as much currency in the
country as the wants of commerce and all the demands
of trade can possibly require; enough to prevent any
monopoly of the money market and insure a plentiful
supply for use of debtors and manufacturers, at a rate
of interest which ordinary business can afford to pay
when able to give safe security. To accomplish this,
government currency should be put into circulation
without limitation as to amount, and made
interconvertible with interest-bearing bonds that are at
par in the markets of the world. The demand for
currency varies at different times in the year, and in

117

different years, and means should be adopted to
always make the supply equal to the demand.

118

DATE: August 10, 1878
TOWN: Reno, Nevada
SOURCE: Weekly Nevada State Journal

Small Change in
California

Just now there is a curious mosaic of customs in
California with respect to change. In early times no
miner or business man expected to give or take the
exact change. Anything less than a quarter was too
insignificant for any Californian to recognize. A New
York news paper was sold at two bits. A quarter of a
dollar was recognized as change. Finally a dime came
to be recognized as small change, although it was very
hard for the Forty-niner to come down. He was
willing to sleep in his blankets and do his own
cooking, but to recognize small change was too much
for him. In time the five cent piece made its
appearance. It was an honest silver coin, and was
gaining ground rapidly. But after a while a five cent
nickel made its appearance--a base bastard coin, well
calculated to excite contempt. There are now two
usages in this state--one of which is of pioneer times
and the other of more modern date. One discards any
sum less than a dime, and on all small transactions will
take 50 per cent additional rather than make the exact
change. The other recognizes the fact that times have
changed; that an article sold for a dime is not 15 cents,
and that it is not honest take it.--S.F. Bulletin.

119

DATE: December 30, 1878
TOWN: Red Bluff, CA
SOURCE: The Daily People's Cause

Goloid Dollar

The purposed goloid dollar--that is, a dollar
containing one-half as much gold as a gold dollar and
one-half as much silver as a silver dollar--is again
being agitated in Congress. The idea of this dollar is
that it will marry the two precious medals in an
indissoluble bond, and establish forever an equilibrium
of value between them. It is thought by its projectors
that the gold in this proposed dollar could not rise
without carrying up the silver, nor the silver, fall
without dragging down the gold. Now comes the
irreverlent Argonaut and suggests that this idea is
"very much as if one should endeavor to equalize the
price of sausages and the price of pickles by tying a
bull pup to a basket of cucumbers."--[San Jose
Mercury.

120

aye

DATE: March 7, 1880
TOWN: _ St. Louis
SOURCE: The Missouri Republican

RARE COINS
BY AUCTION

[From the New York Sun, Feb. 29]

The second day's sale of the Stenz silver collection,
by Bangs and Co., opened yesterday afternoon with
the disposal of twenty lots of United States gold coins
of fine impressions and difficult to collect. These
brought good prices. Among them were Bechtler's
dollars of North Carolina gold and quarter eagles of
Georgia gold, 22 carats; a Mormon $5 piece bearing
the motto, "Holiness to the Lord," and a half eagle
coined by the Oregon Exchange company, in 1849.
All interesting feature of the sale was the contest
between Cogan, Gran, Scott, Froissant, Hazleton, and
other collectors of the possession of a fine proof set of
gold, silver and copper pieces, a present to Mrs.
Octavia McMurray, by her guardian, President John
Tyler, in 1843. There were ten pieces in all, in a
velvet-lined marocco case. After sharp bidding the
prize was awarded to Cogan for $100, Specimens of
silver dollars, halves, quarters, dimes, half dimes, and
three-cent pieces from the first date of their coinage
were sold at good prices; cents, half-cents, and
colonial shillings were eagerly sought for, and a
number of the early American medals were taken at
prices that showed no falling off in the ardor of
numismatists. A very large collection of the silver
coins of Germany were sold. These dated from the
fifteenth century to the present time. A crown, struck
for Hungary in 1842, was bought by Froissard for
$3.50; a Charles VII crown for $2.50, Stephens took
a Franciscus of 1745 for $1.45; Grant Hungarian
crown, for $1.05; Stephens, a Joseph II., for $1.50;

121:

five Austrian coins, quarter dollar size date 1794
brought $1.15, Elliott secured an uncirculated
Ferdinand II, crown of 1837 for $1, and Grant for
$1.20 became the possessor of a proof metallic double
guilder, struck to commemorate the shooting festival
at Vienna, in 1873. Sanderson paid for a Johann
George I. Saxony crown of 1619, $2, and for a broad
crown of 1740, $3.85. Nicholas started every contest
with a bid of seventy-one cents, and in a remarkably
large number of cases the coin for which he pretended
to struggle was knocked down for 81. Grant's
opening bid was always 75, but this was by no means
his limit. A beautiful triple metallic thaler to
commemorate the commencement of the reign of
Frederick William, margrave of Brandenburg and a
dozen other principalities, 1640, went for $9.25, and
copy of the same for $2.75. To Sampson for $2 went
a double thaler of 1855, bearing the head of Frederick
Wilhelm I., G.V. Preussen, with a nightcap on. A
pretty piece brought by Froissard for $5.50 was a
crown of 1552, coined by order of Phillip, landgrave,
and bearing the Hessian motto, "Better lose land and
men, than take a false oath." A subsidy thaler, also
Hessian, struck in 1776 from silver received from
England for the services of the landgrave's soldiers in
the Revolution brought $2.50. Its duplicate sold five
years ago for $20. A very rare Liechtenstein
verinsthaler sold for $3.25 , and Aachen crown for
$3.10, and Augsburg for $2.20, and a quadruple
crown of Wurtemburg, 1621, for $11.95. This latter,
one of the gems of the collection, was knocked down
to Grant.

122

DATE: March 1, 1884 ?
TOWN: New York, NY ?
SOURCE: ?

Good Prices for Rare
Coins

The First Day's Sale of the Wood Medallic Collection.

The sale for the medallic collection of Isaac F.
Wood, formerly librarian of the American Numismatic
and Archaeological Society, began yesterday at the
auction rooms of Bangs & Co., Nos. 739 and 741
Broadway. Mr. Wood has devoted 20 years to
gathering this collection, which comprises American
and foreign coins of all descriptions and many political
and historical medals, and includes on of the best
collections of Washington mementos ever made. Mr.
Wood made the collection with the idea of one day
bequeathing it to the city. Necessity compelled him to
relinquish this idea, and then he tried in vain to sell it
intact to some institution. In the collection is a very
complete library of numismatical works, which will
also be disposed of at public sales. The catalogue is
very elaborate, and gives a terse description of the
2,871 lots offered at the sale, which will continue for
four days.

Among the collectors and dealers present yesterday
were Messrs. Frossard, Sampson, Young, Scott, and
Low of this city; Haseltine and Chapman of
Philadelphia; Norells, of Springfield, Mass.; Belmanno
of Brooklyn, and Holton of Manchester, England.
These gentlemen represented collectors in all parts of
the world. The prices obtained were good, and the
Washington medals ranged higher than for many years.
Among foreign coins, a Liberian tow-cent piece, date
1847, sold for $3.20, and a Dutch medal of the time of
William and Mary brought $3.50. An African token of
1750 sold for $4.10, and sword dollar, 1567, for $8,

123

and three Spanish medalets of the reign of Ferdinand
VI brought $9.25 a piece. A Washington cent for
1786, with the motto "Non vi virtute vici," was bought
by H.G. Sampson for $63, and the same dealer paid
$20, $37.50 and $85 for cents of 1792, 1775, and the
Washing cent of 1792. The Washington medal with a
view of the signing of the Declaration of Independence _
sold for $18.50; "Washington Before Boston: for
$11.25 and a brass military medal, with Latin
inscription, was knocked down for $16. Mr. Sampson
was the largest buyer. The total of the sales for the
day was $1,038.

124

DATE: January 30, 1886
TOWN: Boston
SOURCE: Bunker Hills Times

COUNTERFEITERS

In the Treasury Department is one room where there
are on exhibition the photographs of over four
thousand counterfeiters, writes a Washington
correspondent of the Atlanta Constitution. Large
frames upon the walls and huge albums upon the
tables are filled with faces of every age, sex and
nationality. Here is the rough, hardened visage of a
Caucasian side by side with the peaceful face of a
suave and almond-eyed Chinese; here, too, is a youth
with a trace of innocence yet left in the features, side
by side with representatives of the sex that gives us
birth, and coarse-looking men enframed beside the
faces of seemingly refined and polished gentlemen.

Some idea as to the extent to which counterfeiting is
carried on here may be formed from the fact that in a
vault in the Rogues’ Gallery there is now over one and
a half million dollars of counterfeit money, all of which
has been captured from counterfeiting gangs within the
past seven or eight years. Beside this, the government
has destroyed two million dollars since the war. I am
speaking now only of money that has been captured in
the hands of counterfeiters by the twenty odd agents
of the secret service.

E25

DATE: February 6, 1886
TOWN: Boston, MA
SOURCE: Bunker Hill Times

A Dangerous
Counterfeiter

The "pen-and-ink man" is still a mystery to the officers
of the secret service, says a Washington letter to the
Boston Traveller. The most strenuous efforts have
been made to catch him, but he has eluded their
vigilance so far, and there is not the slightest trace of
his identity of locality. The "pen-and-ink man" is the
person known in police circles who makes counterfeit
money with pen and ink so cleverly as to pass it
without detection. The secret service has about fifty
specimens of his handiwork which have passed the
scrutiny of the bank clerks and tellers, and have been
detected by the experts of the national bank
redemption agency of the treasury department. The
"pen-and-ink man" devotes most of his time to
twenties and fifties. He has made a few $10 notes, but
the bulk of those captured are of the denominations
indicated. The secret service officers believed for a
long time that the "pen-and-ink man" was some expert
who merely employed his leisure time in
counterfeiting. They have given up that theory and are
now firmly convinced that he is making a living at it.
The reason given for this is that the officers have
information that he produces one of these counterfeits
each week, which returns him only fair wages. "The
pen-and-ink man" is a wonderful expert, and his is an
instance of a man who prefers doing wrong at less
wages than he could earn by doing right in a
respectable avocation.

126

DATE: February 1, 1888
TOWN: Selad Valley, Ca
SOURCE: The American Headlight

Destroying the Dies

An Interesting Deception of the Method
Employed in the Piladelphia Mint

A little roll of metal red with fire was placed upon
the anvil, a sledge hammer fell twice upon it, three tiny
sparks shot into the air and the molds of the old year's
double eagle gold coins were wiped out forever. It
was a thousandth part of the work that lasted all day
at the mint Tuesday, the destroying of the 1887 dies.

This is a novel form of destruction that falls to the
lot of the money-making establishment's blacksmiths
at the end of each calendar year, and is the only sure
way of preventing the wily counterfeiter from making
spurious coin without regard to date. The dies of the
mint are the stamps that imprint on the coin all that
fancy business which, when rubbed off by time, gives
the street car conductor a chance to insult the holder
by refusing to accept it. For instance, it stamps on the
dollar the face of the beautiful lady encircled by stars
and makes a strong contrast on the other side by
printing a game looking eagle perched on arrows
under "In God we trust."

The die is a little round chunk of steel about three
inches long, sloping off at the top, which makes it look
like a miniature mailman's can without handles. On
the top of it is cut the face of the coin it
manufacturers, with the date of the year, and
something to think about when you look at them is
that the die of a penny costs the Government no less
than the die that makes precious the $20 gold piece.
Coiner Steel, of the mint, signed the death warrant of
the old year's dies. It meant the destruction of a
thousand of 1887's moneymakers. Every stamp, from
double eagles to dollars in gold, from dollars to ten-

127

cent pieces in silver, the fives in nickel and the pennies
in copper were doomed.

The place of execution was the gloomy shop in the
basement, weirdly lit by hungry firelight. At 9:30
o'clock the dies were taken from cells upstairs and
conveyed thither in black coffin-like pans. Coined
gold jingled merrily on all sides as the procession
passed. What regret had gold for the steel that gave it
power to ruin souls? So the dies of '87 passed to their
fate unwept.

The little coiners of big money were first sacrificed.
The dies of gold were flung by handfuls into the
flames. There they lay until the steel grew red and the
face of Columbia blushed crimson. They were not
taken out by hand, but with iron tongs, and placed
right-end upward on the anvils. Then the smithy
raised his sledge hammer aloft and struck each one full
in the face. A shower of sparks, a smashed sound and
the agony was over. The ring of the steel had gone,
the face vanished like magic and the die of the past
was but crushed, unshapely metal.--Philadelphia Press.

128

DATE: July 22, 1895
TOWN: New York
SOURCE: New York Daily Tribune

1804 Dollar

SUPPOSEDLY SOLD TO SCOTT & CO.

IT WAS IN FELIX SCHULTZ'S TROUSERS
WHICH A TRAMP STOLE--A DEALER IN
COINS SAID TO HAVE BOUGHT IT FOR $90

Judge Fitzgerald, sitting Sessions, the other day had
before him a man named Charles Schultz, who was
arraigned for theft. The complainant was one Felix
Schultz, who said he had recently been appealed to for
assistance by a stranger, who gave his name as Charles
Schultz. It was evident from his appearance that he
was in hard luck. Felix Schultz was moved by the sad
story told by Charles to take him into his house, where
food and a night's lodging were generously provided.
The next morning Charles had gone and so had Felix's
new trousers, his grandfather's gold watch and chain
and some money and coins that were in the pockets.
The police were promptly informed of the case, and
Charles was arrested and arraigned before Judge
Fitzgerald. T.F. Gibbons, a lawyer, of No. 105 West
Tenth Street, appeared for Felix Schultz. During the
examination it was discovered that Charles had Felix's
trousers on, and he admitted that he had pawned the
jewelry. As Judge Fitzgerald was about to sentence
Charles to Sing Sing, Felix importuned him to mitigate
the sentence if Charles would tell what he had done
with a pocket-piece, a silver dollar of the coinage of
1804, that he prized from the fact that it had been in
his family for three generations.

Judge Fitzgerald asked the prisoner what he had
done with the coin. The prisoner said he had tried to
pass it in a saloon, but the proprietor refused to take

129

it because it was so old. He then, on the advice of the
bartender, took the coin to a dealer in old coins in
Broadway, who offered him $75 for it. He concluded
to try other dealers in coins. He named the Scott
Stamp and Coin Company (Ltd.), in East Twenty-third
street, who, he asserted, purchased it for $90.

"We have begun a suit against the Scott Company, of
East Twenty-third street, for the recovery of this
coin," said Mr. Gibbons, "and the case is to be tried
before Judge Roesh on the 30th inst. The Scott
Company have made a general denial of ever having
purchased the coin."

Of the 1804 dollars, all but twelve that were issued
were returned to the mint owing to an omission in
stamping them. Of the twelve outstanding, eleven
have been accounted for and this coin which is dispute
is supposed to be the missing one.

Mr. Gibbons said he had demanded $5,000 from the
Scott Company. He also said that an uptown dealer
catalogued the coin as being worth from $600 to
$2,400.

130

DATE:
TOWN:

April 2, 1896
New York

SOURCE: The Morning Adviser

HE MADE BILLS

Captured in This City, Released and Followed
by Detectives to His Country Home, Where He
Was Surprised with His Paraphernalia Scattered
All Around Him.

Probably one of the most important captures that has
been effected by the secret service officers for many
months was the arrest yesterday of Emanuel Ninger, of
Flagtown, N.J., who since 1879 has been flooding the
country with "pen and ink" counterfeits.

For the past ten years the Government officers have
been aware that the counterfeiter was located
somewhere near this city, but all efforts to locate him
heretofore have failed.

The counterfeiter's handiwork was so peculiar that
there was no chance of confounding it with other bad
money. The bills were the most dangerous known to
the Government officials, and a large number them
passed through banks and Sub-Treasuries and reached
the redemption division at Washington before their
real character was discovered.

The notes, which were for $10, $20, $50 and $100
each, were made with pen, pencil, black ink, carmine,
blue and green pigments and parchment paper.

They were perfect imitations of good bills, and it

required a Government expert to say that they were
false.

131

The clearing up of the mystery as to the identity of
the author of these "pen and ink" counterfeits has been
a seemingly unsolvable task.

The man who has been such a puzzle to the
shrewdest detectives for so many years passed as a
plain farmer.

Saturday night a man who gave his name as Joseph
Gilbert attempted to pass a $50 bill at the saloon at
No. 87 Cortlandt Street. The bartender became
suspicious, and had Gilbert arrested.

Gilbert explained that he was a farmer, from
Wilkesbarre, Pa., and had come to town to sell some
Government bonds, and near the Union Trust
Company's building had met a stranger, who bought
one of the bonds from him, and paid for it with a $50
bill.

Released and Followed.

The Secret Service officials at Wilkesbarre reported
that no such person as Gilbert lived there.

As Gilbert was not believed to be the penman the
prosecution was apparently abandoned and Gilbert
was discharged from the Centre Street Police Court
on Monday morning.

Detectives Esquirell, Flynn, Hazen and Owen,
however, followed him to the cottage occupied by
Emanuel Ninger at Flagtown, N.J. Gilbert and Ninger
were identical.

When the arrest was made the house was searched,
and the counterfeiter's vest pocket outfit, parchment
paper, designs and water colors were found, together
with an unfinished greenback which had been hidden
away.

Ninger, alias Gilbert, admitted that he was the "pen
and ink" counterfeiter who had so long defied the law.

132

He explained that he had used the pigments to
complete the bill after he had done the vignettes,
letters, figures and tracing work in black ink. The
carmine made the seat, the blue the numbers and the
green the back of the notes.

During the twenty years he had been operating he
had produced about 375 greenbacks in all, and on the
proceeds had supported his family, purchased a little
farm for $1,500, and had about $3,000 in the bank.

A Grocery Clerk

He was a grocery clerk at Prinn, Germany, and there
studied drawing. Coming to this country he took up
a residence in this city, but afterwards went to live at
Hoboken, N.J., whence he moved four years ago to
Flagtown.

Ninger said that he first copied a genuine Government
bill for pleasure, and the work was done so well that
afterwards when he ran out of funds he decided to
pass the counterfeit.

He had no trouble in doing so, and from that time
out devoted his time entirely to the making of the "pen
and ink" greenbacks. To make a first class imitation of
a $100 bill took him twenty days, and he worked from
three to four hours a day.

All counterfeits have been passed in this city. He
was never in the South and West, where at times his
bills were found.

He last visited this city about Christmas time, and

returning home made eight bills. Six of these were
$20 notes and the remaining two $50 each.

133

a+
eh
nt

DATE: December 13, 1898
TOWN: Salt Lake
SOURCE: Granite State News

THE OLD UTAH MINT

The story of the Ancient and Almost Forgotten
Deseret Gold Money--Few of the Pieces are in
Existence at the Present Time.

The ancient coinage of Utah, the period when the
glittering particles of yellow gold from California were
minted in a little adobe building in Salt Lake City, has
been half forgotten. The written and printed records
of that time, by a strange oversight, throw no light on
the subject.

Those Utahans whose memories date back to 1849
remember the establishment of the mint, but the exact
dates are confused. It was some time toward the close
of 1849 that the mint was inaugurated as a measure of
public convenience. Brigham Young was the
instigator of the coinage system and exercised a
personal supervision over the work.

Prior to the establishment of the mint, all gold dust
had to be weighed when payments for merchandise or
other articles were made. In many cases the merchant
with whom the purchaser was dealing had no gold
scales, and much trouble resulted. The metal was too
precious to admit of guesswork in ascertaining the
weight required to cover a given sum, and the
customer would be put to the trouble of looking up
scales to aid him in his payment.

Old timers disagree as to who made the dies with
which the gold was stamped into $2.50, $5, $10 and
$20 coins. The honor lies between John Kay and
James M. Barlow. Kay was a mechanic and Barlow a
jeweler and dentist. Judge Hammond of San Juan,

135

who came to Utah in 1848, says that dies were made
by both men.

He thinks Kay made the first, which were
unsatisfactory and imperfect, and that Barlow made
the latter ones.

Thomas Bullock was chief clerk and active director
of the mint during its entire operation. The gold which
was used came chiefly from California, much of it
being brought here by members of the Mormon
battalion on their return from the Mexican war.

They carried the precious dust and nuggets in
buckskin pouches to the mint, where it was weighed
and coined absolutely without alloy. The mint building
was at that time a considerably more pretentious
structure than it is today. It was two stories high and
contained half a dozen rooms.

The crucibles in which the gold was melted were in
the cellar. The primitive machine with which the
cooling metal was stamped into the coin stood in a
back room on the first floor. All the work was done
by hand and every piece of the machinery was made by
Salt Lake artisans. Of necessity, no base metal
appeared in the finished product. Twenty-five grains
of gold was the equivalent of a dollar.

The man who had 67-1/2 grains turned that amount
over to Mr. Bullock, who sent it at once to Messrs.
Kay and Barlow,. It was immediately melted and
turned into a coin of the value of $2.50. So it was
with the pieces of larger denominations, and the mint
customer, if he so desired, could follow his metal with
his eyes from his pouch through the crucible, press,
and stamp.

No toll was taken out of the gold, the coinage being
absolutely free. At first the $2.50 pieces were most
plentiful and popular. Then a large number of $5
coins were made, and these, with the first named,
constituted the bulk of the mint's work,. Not many

136

$10 pieces were minted, and the $20 coins were still
fewer.

The minute ceased operations in 1880 because of the
appearance in sufficient quantities of United States
gold and silver coins. Although the space of time
since the last pouch was emptied into Thomas
Bullock's "money mill," as it was called, is
comparatively short, few of the coins are known to be
in existence today. Because of their purity they wore
rapidly, and as a consequence deteriorated in value by
erosion.

Many of them were remelted and made into
necklaces, chains and other articles of jewelry.
Apostle Brigham Young has a watch chain that was
made from two of the $20 pieces. He had the chain
made in Switzerland while in that country some years
ago. E.H. Pierce has one $20 coin, and several others
are in possession of Salt Lakers.

When Brigham Young died in 1877, his executors,
in going over his personal property, found a locked
strong box. On forcing the lid a number of the coins
of the period described were found. They covered all
the denominations, and were sold at auction, bringing
a premium over their face value. Brigham Young's
son, Apostle Brigham Young, at that time secured six
of the $5 denomination, which he still has. The others
were scattered in such a way as to make it impossible
to trace them.

Two sets of dies were used for the $5 pieces. The
first set, as has been stated, proving unsatisfactory,
another set was made. No milling appears on the
edges except in the last issues.

The lettering and other technical points on both sets
were imperfect, but the coins served their day and
purpose well. They passed current at their face value
as readily outside of Utah as within its borders.

The California slug circulated also very freely here

137

and was used for other purposes besides money.
Apostle Brigham Young said recently that a boy he
had frequently seen men pitching quoits was California
slugs.--Salt Lake Tribune.

138

DATE: November 30, 1900
TOWN: _ Holdrege, Nebraska
SOURCE: Holdrege Citizen

REFERENDUM
DOLLAR

Joseph Lesher, who recently made and issued 100
silver souvenirs, which he called "referendum dollars,"
says he has assurance from the United States district
attorney that his coinage scheme is not illegal, and he
has ordered a new die, from which 10,000 souvenirs
will be struck off immediately. The silver will cost him
$6,500 and the making $1,500. He will sell the coins
for $12,500 and redeem them on demand for the same
amount. The new coins will bear the name of A.B.
Bumstead, a Victor groceryman, who agrees to
redeem them in merchandise or money.

139

DATE: December 5, 1908
TOWN: Minneapolis, MN
SOURCE: Minneapolis Journal

FEW DOLLARS
WORTH $280

The silver dollar of the date of 1884, that sold in
Chicago for $280, is what is known as the "Trade
Dollar," and it is doubtful if more than a few hundred
people have ever seen one of that date, as there were
only five struck in silver and a few in copper, and these
are in collections, closely guarded.

A. M. Smith of Minneapolis has one of the copper
proofs in his collection of coins, and the others are in
private collections in the east and in the United States
mint collection.

When the story of the Chicago sale appeared,
hundreds of persons in Minneapolis made the mistake
of thinking that it was the ordinary standard dollar of
1884 that brought the high premium, and many
thought they had a small fortune in their grasp, when,
in hunting through their pockets and cash registers,
they discovered several of that date.

A. M. Smith has been kept busy for the last four or
five days informing people that they did not have any
of the valuable coins. In one day he answered over
one hundred telephone inquiries on the subject.

The "Trade Dollar" was authorized by an act of
congress, Feb. 28, 1873. The weight was ordered to
be 420 grains, fineness, 900, value, $1, and they were
legal tender up to the mount of $5 in one trade. It was
understood that this coin was made and intended for
American trade in foreign countries, but they were
soon extensively circulated throughout this country

140

and were received at their face value by all classes. By
act of congress July 22, 1876, the "Trade Dollar" was
deprived of its legal tender, and soon became a coin
that was refused on every hand, and purchased only by
dealers at 83 cents: its coinage was discontinued by
law in 1878, but a few proofs were struck in copper
and silver by the United States mint in 1879-80-81-82-
83-84, and these, being valuable to collectors,
command a premium.

14]

DATE: November 7, 1937
TOWN: _ Des Moines, Iowa
SOURCE: Des Moines Sunday Register

KEOKUK MAN HAS
RARE COIN

Albert Keppel, wholesale produce house proprietor
of Keokuk, may realize an 800 per cent profit on a
$375 investment to "help a friend."

As a favor to William Murphy, former tenant of
Keppel, the latter in 1933 purchased from him a silver
dollar dated 1804, paying $375 for it.

Just the other day the wholesaler was informed
that an 1804 dollar is worth from $2,000 to $5,000,
and that a coin in "about fine" condition would
bring "around $3,000."

Murphy formerly operated a second-hand furniture
store next door to Keppel, who was his landlord. The
dollar changedhands when Murphy went out of
business, owing the wholesaler some rent, and the
$375 given for the dollar applied on this, Mr. Keppel
said.

The furniture man had obtained the dollar at less
than its face value sometime "a year or two" before
that. He purchased an old stove from a junkman on
day, and left it in a corner until "cleaning house" one
day preparatory to a sale.

As he moved the stove, he heard a tinkling sound,
and on investigating found the dollar, bearing the date
1804. It was not until several townspeople inspected
it that Murphy began to realize it might be worth
considerable more than just a dollar.

142

In Deposit Box.

After Keppel acquired it, he felt much the same way,
often carrying it in his pocket or leaving it in his desk
when it was not locked in his safe with some 200 other
old coins which he owns.

Then the other day a collector with some knowledge
of coin values inspected the dollar and estimated its
value at $3,000. Since that time, Mr. Keppel has kept
the dollar in a bank safety deposit box.

Just why the 1804 dollar is so scarce is
something which is argued every time two
collectors get together. Mint reports say 19,570
silver dollars were issued in 1804.

One theory as to their scarcity is that 1803 dies were
used in coining virtually all the dollars of 1804. It was
not unusual in early days of the mint to use dies from
the previous year the first few months of a new year.

Another theory is that most if not all the 1804
dollars were dispatched to China, but were lost when
the ship sank. Still another is that after some 1804
dollars were coined, it was decided to make the dollars
smaller, reducing the weight from 420 grains to 412.5
grains, and all or most of those coined were remelted.

Mr. Keppel who had to be interviewed and
photographed between dealing with customers and
salesmen, is uncertain what he will do with the dollar,
but he is certain he is "not anxious to part with it."

Some of these days he plans to retire and it is

possible, he said, he ''may even become one of
these--these--numismatists."

143

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bh one

Pee,

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